Which of the following markets is said to exist when there is a homogeneous product with many sellers?
A) monopoly market
B) oligopoly market
C) monopolistic market
D) perfect market

Question

Quizplus · Accepted Answer

A market with a homogeneous product and many sellers is known as a perfect market. In a perfect market, no single seller or buyer can influence the market price. The products are indistinguishable from each other, and there is no product differentiation. This implies that regardless of the seller, the product is the same, and buyers can purchase at the same price.

Which of the Following Markets Is Said to Exist When