Perfectly Competitive Markets a Product Homogeneity o The products of all firms are perfect substitutes ● EXamples Agricultural products, oil, copper, iron lumber Chapter 8 Slide 6Chapter 8 Slide 6 Perfectly Competitive Markets ◼ Product Homogeneity ⚫ The products of all firms are perfect substitutes. ⚫ Examples ◆Agricultural products, oil, copper, iron, lumber