What are the characteristics of a perfectly competitive market?

In practice it is unlikely that the conditions of a perfectly comeptitive market will exist, however these conditions are set as:

  1. Many buyers and sellers in the market 

  2. Homogenous products 

  3. Perfect information avalable to consumers about prices.

  4. No barriers to entry or exit to the market

  5. Perfectly mobile factors of production

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Answered by Esmee M. Economics tutor

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