In which market structure are products typically almost identical?

In a pure competition market structure, products are typically almost identical. This type of market is characterized by a large number of sellers offering identical or very similar products. Because these products are homogeneous, buyers perceive them as interchangeable, meaning that consumers will switch from one seller to another with little to no cost.

The key features of pure competition include many participants, both buyers and sellers, with products that do not differ significantly in quality or characteristics. This leads to a situation where the price is determined by the overall market supply and demand, making it difficult for any individual seller to influence the market price.

In contrast, other market structures such as monopoly, monopolistic competition, and oligopoly feature a degree of product differentiation or market power that allows companies to influence prices or offer unique products, which deviates from the concept of nearly identical commodities found in pure competition.