What does it mean when the products sold by the firms in an industry are homogeneous?

Question

Quizplus · Accepted Answer

When the products sold by the firms in an industry are homogeneous, it means that the product sold by one firm is a perfect substitute of the product sold by another firm in the same industry. This implies that consumers do not see any difference between the products of different firms and they are willing to switch from one firm to another based on price or other factors.

What Does It Mean When the Products Sold by the Firms