Which of the following is the best example of a standardized product?
Which of these is the best example of a standardized product?
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The term “standardized product” can be used to refer to homogeneous products such as are produced by firms in perfect competition. These are products that are all the same; where no firm’s product can really be differentiated from any other. Of the choices given, soybeans are the best example of such a product.
All of the other products can easily be different from one another. Laptops have different features and capacities. High heels come in many different styles. Ham sandwiches have things like different condiments and different breads that make them different. By contrast, one soybean of a certain quality is just the same as any other. One farmer’s soybeans are no different than another’s.
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