A characteristic of a perfectly competitive market is that products are undifferentiated. That is, consumers perceive products to be identical.

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In a perfectly competitive market, products are undifferentiated, meaning that consumers view them as identical. This is one of the key assumptions of a perfectly competitive market. In a perfectly competitive market, products are undifferentiated and consumers perceive them to be identical. This allows for perfect substitutability among products and eliminates any market power for individual producers.

A Characteristic of a Perfectly Competitive Market Is That Products