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Question
What do you mean by homogeneous products?
Solution
Homogeneous products refer to those products which are identical in all respects like quality, colour, size, design, brand name etc. The buyer does not distinguish the output of one firm from that of the other.
RELATED QUESTIONS
In which type of market price discrimination is practiced? Explain with an example.
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“While shopping for fruits in the local market you see many seller selling fruits”. In this context answer the following:
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| Column I | Column II | ||
| (i) | Perfect competition | (A) | Differentiated Products |
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| (iii) | Monopolistic Competition | (C) | Single seller |
| (iv) | Oligopoly | (D) | Homogeneous products |
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