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Question
What does it mean when the products sold by the firms in an industry are homogeneous?
A) The product sold by one firm is a perfect substitute of the product sold by another firm in the same industry.
B) Firms in the industry can produce the same product with different inputs.
C) All firms in the industry are identical in size.
D) The product sold by one firm is a perfect complement of the product sold by another firm in the same industry.
Answer
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