There are hundreds of colleges that serve millions of students each year. the colleges vary by location, size, and educational quality, which enables students with diverse preferences to find schools that match their needs. dozens of companies produce plain white socks. consumers regard plain white socks as identical and don't care who manufactures their socks.

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Suttyyyyyybear3569 Suttyyyyyybear3569

22-11-2017
Business

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There are hundreds of colleges that serve millions of students each year. the colleges vary by location, size, and educational quality, which enables students with diverse preferences to find schools that match their needs. dozens of companies produce plain white socks. consumers regard plain white socks as identical and don't care who manufactures their socks.

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Erudite1 Erudite1 · Answer 1 · 2017-12-04T15:06:48+01:00

1. In the first scenario given above, THE PRODUCT IS NOT HOMOGENEOUS.
Different schools offer different courses at different levels for different categories of students. Each student will have to find the school that is suitable for him. Thus, the products in this market are not the same.
2. In the second scenario given above, THE MARKET MEET ALL THE CRITERIA REQUIRED FOR A COMPETITIVE MARKET.
The product is homogeneous, the buyers are many and the sellers also are many. For a market to be considered competitive, the buyers and the seller must be many, the products must be homogeneous and there must be free entry and exist.