Explain 'homogeneous products' feature of perfect competition.

The buyers treat the goods produced by different firms as homogenous so that all buyers are willing to pay the same price for the product of all producers of the good. So, no producers is in a position to charge a higher price of the product it producers. A uniform price prevails in the market.

Detailed Answer:

In a perfectly competitive market, buyers treat the product produced by different firms as homogenous. So they are willing to pay the same price for products of different firms. No firm, therefore, can charge a price higher than the market determined Price.