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wel
3 years ago
5

Explain ‘ Homogeneous Products’ feature of perfect competition.

Social Studies
1 answer:
adelina 88 [10]3 years ago
7 0

Answer:

Homogeneous Products

Explanation:

In a perfectly competitive market, buyers treat the product produced by different firms as homogeneous. So they are willing to pay the same price for products of different firms. No firm, therefore, can charge a price higher than the market determined Price

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When doing business, evaluating the alternatives and choosing the best among them will cost you the least opportunity cost and will help the business to stay on track. Decisions about opportunity costs are very important in businesses as well as in people's lives.

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