In which market the sellers homogeneous products
Answers
Answer:
Under perfect competition, products are homogeneous. Perfect competition is a form of the market in which there is a large number of buyers and sellers and where homogeneous product is sold at a uniform price
Answer:
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Explanation:
Pure or perfect competition is a theoretical market structure in which the following criteria are met:
All firms sell an identical product (the product is a "commodity" or "homogeneous").
All firms are price takers (they cannot influence the market price of their product).
Market share has no influence on prices.
Buyers have complete or "perfect" information—in the past, present and future—about the product being sold and the prices charged by each firm.
Resources for such a labor are perfectly mobile.
Firms can enter or exit the market without cost.
This can be contrasted with the more realistic imperfect competition, which exists whenever a market, hypothetical or real, violates the abstract tenets of neoclassical pure or perfect competition.
Since all real markets exist outside of the plane of the perfect competition model, each can be classified as imperfect. The contemporary theory of imperfect versus perfect competition stems from the Cambridge tradition of post-classical economic thought.
Under perfect competition, products are homogeneous.Perfect competition is a form of the market in which there is a large number of buyers and sellers and where homogeneous product is sold at a uniform price