In order for a market to be perfectly competitive so that no firm can charge a price higher than the market price, there must be many buyers and sellers, standardized product, easy entry and exit, and:

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In a perfectly competitive market, full information is crucial because it ensures that all participants are fully aware of prices, products, and market conditions, which helps in making informed decisions. This transparency prevents any single firm from charging a higher price than the market price because consumers can easily compare prices and switch to the cheapest available option.

In Order for a Market to Be Perfectly Competitive So