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

Question

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A perfectly competitive market is characterized by a large number of small firms, where no single firm has market power to influence the market price. In such a market, firms are price takers and must accept the prevailing market price for their products. Choice A is incorrect because a few large firms indicate an oligopoly market structure. Choice B is incorrect because producing specialized products would indicate a monopolistic competition market structure. Choice C is incorrect because in a perfectly competitive market, individual firms have no control over the market price.

Which of the Following Is a Characteristic of a Perfectly