Homogenous product is a characteristic of choose the correct alternative CBSE Class 12 Economics 2016

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‘Homogenous product’ is a characteristic of : (choose the correct alternative) - CBSE Class 12 Economics 2016

(a) Perfect competition only
(b) Perfect oligopoly only
(c) Both (a) and (b)
(d) None of the above
(- Appeared in CBSE economics class 12, 2016, Delhi, Set 1 paper)


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The correct option is (c). All firms in a perfectly competitive market and perfect oligopoly market sell identical units of a product. Hence, the characteristic of a homogeneous product prevails under both the forms of market.


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