Question

Milk is considered a commodity because it is which of the following?


an inexpensive product


a product that can be bought in many different ways


an agricultural product


the same product regardless of who sells it

Answer 1

Milk is considered a commodity primarily because it is **the same product regardless of who sells it**. This characteristic means that milk is largely interchangeable, and consumers do not typically differentiate between milk from different producers in terms of its fundamental qualities. While it is also an agricultural product, it is the uniformity and standardization that categorize it as a commodity.