One of the assumptions upon which the theory of perfect competition is built is that each firm produces and sells a heterogeneous product.

Name: One of the assumptions upon which the theory of perfect competition is built is that each firm produces and sells a heterogeneous product.
Brand: Quizplus
Rating: 4.9 (48 reviews)

Question

Quizplus · Accepted Answer

In the theory of perfect competition, it is assumed that each firm produces and sells a homogeneous product, meaning the products are identical or undifferentiated across producers.

One of the Assumptions Upon Which the Theory of Perfect