Imperfect competition is a market structure where there are few sellers and they have some control over the price of their product. It is characterized by the presence of barriers to entry and exit, product differentiation, and non-price competition. However, homogeneous products are not a feature of imperfect competition.

Explanation:

Homogeneous products refer to products that are identical in nature, quality, and features. In a market with homogeneous products, consumers would be indifferent between products from different sellers because they are all the same. Therefore, the price would be the only factor that would influence the consumer's choice.

In contrast, imperfect competition is characterized by product differentiation, which means that products are not identical and have some unique features that distinguish them from their competitors. This allows sellers to charge different prices and engage in non-price competition to attract customers.

Features of Imperfect Competition:

1. Few sellers: In an imperfectly competitive market, there are only a few sellers who have a significant market share. This gives them some control over the price of their product.

2. Product differentiation: Products are not identical and have some unique features that distinguish them from their competitors. This allows sellers to charge different prices and engage in non-price competition to attract customers.

3. Barriers to entry: There are barriers to entry that prevent new firms from entering the market and competing with existing firms. These barriers can be in the form of patents, high start-up costs, or government regulations.

4. Non-price competition: Sellers engage in non-price competition to attract customers. This can include advertising, product innovation, and customer service.

5. Price discrimination: Sellers may charge different prices to different customers based on their willingness to pay.

Conclusion:

Homogeneous products are not a feature of imperfect competition. It is characterized by product differentiation, few sellers, barriers to entry, non-price competition, and price discrimination. These features give sellers some control over the price of their product and allow them to compete in a market where there are few competitors.

C) homogeneous products