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Question 2 (a) Selling a homogenous product is one characteristic of the perfect competition market. (i) Define the term homogenous product. Give examples of goods

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Question 2 (a) Selling a homogenous product is one characteristic of the perfect competition market. (i) Define the term "homogenous product." Give examples of goods and services which can be classified as homogeneous. (4 marks) (ii) The perfectly competitive firm is also a price taker. Discuss the reasons for this characteristic. (6 marks)

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