ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a product that is the same no matter who produces it, such as petroleum, notebook paper, or milk
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products that are very different
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Either A or B
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None of the above
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Detailed explanation-1: -Commodities. Commodities are generally sold in perfectly competitive markets. A commodity is a product that is the same no matter who produces it. Milk, petroleum, and apples are examples of commodities.
Detailed explanation-2: -A commodity is a basic good used in commerce that is interchangeable with other goods of the same type, and these are often used as inputs in the production of other goods and services. Traditional examples of commodities include grains, gold, beef, oil, and natural gas.
Detailed explanation-3: -A commodity, also called primary product or primary good, is a good sold for production or consumption just as it was found in nature. Commodities include crude oil, coal, copper or iron ore, rough diamonds, and agricultural products such as wheat, coffee beans or cotton; they are often traded on commodity exchanges.
Detailed explanation-4: -Commodities are raw materials used to create the products consumers buy, from food to furniture to gasoline or petrol. Commodities include agricultural products such as wheat and cattle, energy products such as oil and natural gas, and metals such as gold, silver and aluminum.