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Question
'Homogeneous products' is a characteristic of ______.
Options
Perfect competition only
Pure oligopoly only
Both Perfect competition only and Pure oligopoly only
None of the above
Solution
'Homogeneous products' is a characteristic of perfect competition only and pure oligopoly only.
Explanation:
Perfect competition and pure oligopoly both produce homogeneous products. In perfect competition, all businesses sell the same things with no differentiation. Similarly, in a true oligopoly, the few firms in the market provide similar products, with little difference between the items offered by different enterprises.
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