Goods sold in perfectly competitive markets are generally?

A. homogenous
B. intermediate and final
C. durable and non-durable
D. heterogeneous

Correct Answer:

Option A – homogenous

Explanation

The goods bought and sold in a perfect market must be homogeneous. That is, they must be identical. They must be of same size, shape, weight, colour etc. The goods must be the same in the eye of the customer.