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When the producers are producing homogeneous products, the market will be

  • a)
    Monopoly

  • b)
    Oligopoly

  • c)
    Imperfect competition

  • d)
    Perfect competition

Correct answer is option 'D'. Can you explain this answer?
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When the producers are producing homogeneous products, the market will...
In economics, specifically general equilibrium theory, a perfect market is defined by several idealizing conditions, collectively called perfect competition.
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When the producers are producing homogeneous products, the market will bea)Monopolyb)Oligopolyc)Imperfectcompetitiond)Perfect competitionCorrect answer is option 'D'. Can you explain this answer?
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