Question

What is meant by a product being prefectly homogeneous?

Solution

It means product produced by different firms is identical in all respects like quality, colour, size, weight, design etc. Such products are perfect substitutes.

Some More Questions From The Theory Of The Firm Under Perfect Competition Chapter

What is meant by monopolistic competition?

What are selling costs?

Define homogeneous product.

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The Theory Of The Firm Under Perfect Competition

What is meant by a product being prefectly homogeneous?

Some More Questions From The Theory Of The Firm Under Perfect Competition Chapter

What is meant by monopolistic competition?

What are selling costs?

Define homogeneous product.

What is meant by differentiated product?

Define perfect competition.

Is the seller under perfect competition a price maker or a price taker?

Define monopoly.

Define market equilibrium.

Can a seller under monopolistic competition influence the price?

Why under imperfect competition, MR is less than price?

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