When a product is defined as homogeneous,
A) buyers prefer one seller's product to another's.
B) buyers are indifferent as to which seller's product they buy.
C) sellers are indifferent as to the quantity of the product they sell.
D) sellers have an incentive to charge a price higher than the market price.

Question

Quizplus · Accepted Answer

When a product is defined as homogeneous, it means that all products are identical or very similar. As a result, buyers are indifferent as to which seller's product they buy since there is no difference in quality or features among products.

When a Product Is Defined as Homogeneous