Question

In which market, the sellers are selling homogeneous products
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Answer 1

Answer:

Monopoly

Explanation:

Monopoly, where, there is only a single seller in the market. Ans. It is a form of market in which there are few large firms that sell both homogeneous as well as differentiated products.

Answer 2

Under perfect competition, the sellers sell homogeneous products.

• Perfect competition is a type of market in which a huge number of buyers and sellers are present and where a standardised product is offered at a uniform price.
• The firm's market an equivalent product. All companies are price takers as they do not control their product's market price. There is no impact of market share on rates.
• For example in agriculture, there are many farmers selling similar goods such as carrots, onions etc. On the market, costs can be easily compared. Agricultural markets, therefore, always come close to perfect competition.