Asked by Sandra Vappie on May 14, 2024
Verified
Perfectly competitive firms sell homogeneous products.
Homogeneous Products
Products that are identical in quality and cannot be distinguished by consumers, making them perfect substitutes.
- Understand the implications of homogeneous products in perfectly competitive markets.
Verified Answer
AC
Alonzo Calderon-BosticMay 18, 2024
Final Answer :
True
Explanation :
In a perfectly competitive market, all firms sell products that are essentially identical, meaning consumers do not distinguish between products based on brand, quality, or any other factors, making the products homogeneous.
Learning Objectives
- Understand the implications of homogeneous products in perfectly competitive markets.