HOMOGENEOUS GOOD: Goods that are either physically identical or at least viewed as identical by buyers. In particular, the producer of a good can not be identified from the good itself. This is a key assumption underlying the perfect competition market structure, and like other assumptions is only approximated in the real world. Agricultural products, metals, and energy goods come as close as any in the real world. See also | homogeneous | perfect competition | market structure | perfectly elastic | perfect competition and demand | perfect competition characteristics | substitute-in-consumption | product differentiation |
