Question

Homogeneous products refer to

a. products similar in nature.
b. great variation in the nature products.
c. the nonphysical nature of services and opposed to
products.
d. products that can be inventoried.

Answer 1

Homogeneous products are those that are similar in nature and considered perfect substitutes, unlike differentiated products which are unique in various ways such as physical characteristics or brand reputation. The correct answer is a. products similar in nature.

Step-by-step explanation:

Homogeneous products refer to items that are similar in nature and quality. When a market is filled with homogeneous goods, it implies that the products are virtually indistinguishable from one another and are often seen as perfect substitutes. This is in contrast to differentiated products, which are unique in one or more aspects, such as their physical characteristics, location of sale, intangible aspects, or brand perceptions. Differentiation can arise from various facets, including the physical aspect of the product, intangible aspects such as a brand's reputation or the promise of satisfaction, or even the distinctive perceptions shaped by advertising.

However, a homogeneous mixture in terms of chemistry is a substance that has uniform composition and properties throughout and is also referred to as a solution. Therefore, the correct answer is a. products similar in nature.