The assumption under perfect competition of a "homogeneous product" means that

A. that no firm can charge more than another for its product.
B. the good one firm produces is very different than the good another produces.
C. the good one firm produces is exactly the same as the good another firm produces.
D. that no buyer will pay more for one firm's good than another's.


Answer: C

Economics

You might also like to view...

An increase in the prices of ________ goods is unlikely to put downward pressure on a currency's nominal exchange rate

A) parity B) nontradable C) identical D) relative

Economics

An outward shift of the production possibilities frontier

a. reflects economic stability b. reflects economic growth c. reflects economic decline d. does not relate to the state of the economy e. is always a parallel shift

Economics

Given the value of marginal product of labor, the higher the wage rate, the higher the number of workers employed

Indicate whether the statement is true or false

Economics

If an excise tax is imposed on a product, consumer surplus and producer surplus for this good will most likely change in which of the following ways?

What will be an ideal response?

Economics