Answer:
?Homogeneous products' are those products which are identical in size, shape, colour, weight or in any other respect i.e. products are completely same. In perfectly competitive market, implications of 'homogeneous products' are as follows: (i) Only one price prevail in the market as the buyers find the product as homogeneous. (ii) Firms cannot charge higher price for the product. Therefore, exploitation of consumer is ruled out. (iii) Since, there is no control over price, firm's demand curve becomes a horizontal straight line i.e. perfectly elastic.
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