One of the defining characteristics of a perfectly competitive market is

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A standardized product is a key characteristic of perfect competition. This means that all firms in the market produce the same product or a product that is considered identical by the consumers. This ensures that consumers have no preference for one firm over another based on product differentiation, and firms are forced to compete solely on price. The other options (A) a small number of sellers, (B) a large number of buyers and a small number of sellers, (D) significant nonprice competition among firms, and (E) an inefficient information system are all characteristics of other market structures such as oligopoly, monopolistic competition, and monopolies, and are not consistent with perfect competition.

One of the Defining Characteristics of a Perfectly Competitive Market