hey mates ......what is a homogenous product in economics?
Answers
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A homogeneous item is one that can't be recognized from contending items from various providers. At the end of the day, the item has basically indistinguishable physical attributes and quality from comparable items from different providers. One item can without much of a stretch be substituted for the other. To a purchaser, this implies you can't differentiate between an item from ABC Company and one from XYZ Company.
For instance, when you purchase a sack of green apples, you likely don't know where they originated from or who developed them, and you presumably couldn't care less. You base your determination on cost alone.
Interestingly, a heterogeneous item is an item that is promptly discernable from contending items and can't be effectively substituted for each other. As a purchaser, this implies you need to choose which highlights are the most critical to you. For instance, physical qualities for comparable things may fluctuate between providers.