Which of the following is characteristic of a perfectly competitive market?

Question

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In a perfectly competitive market, products are identical or homogeneous. This means that buyers cannot differentiate between goods of different sellers, and there are no unique or patented products. Long-run economic profit is not characteristic of a perfectly competitive market, as competition drives prices down to the point where firms only earn a normal profit. High barriers to entry also do not exist in perfectly competitive markets, as there are no barriers preventing new firms from entering the market and producing the same product.

Which of the Following Is Characteristic of a Perfectly Competitive