Products are homogenous when: a)they are identical in the eyes of the purchasers b)some purchasers view...

Products are homogenous when:

a)they are identical in the eyes of the purchasers

b)some purchasers view the products as different

c)suppliers can charge different prices for the same good

d)they meet basic safety standards.

Solutions

Expert Solution

Answer;

Option A is the correct answer.

Products re homogeneous when they are identical in the eyes of the purchasers. A homogeneous product is basically the same in all ways and each can serve as the perfect substitutes.

Some purchasers view the products as different results from product differentiation.

Suppliers can charge different prices for the same good is known as price discrimination.

Basic safety standards are necessary for every good but its not an explanation for homogeneous products.

Rahul Sunny answered 2 years ago

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