In what type of market structure to sellers set identical prices and are prices generally driven down to marginal costs?

Question

Quizplus · Accepted Answer

In a perfect competition market, there are many buyers and sellers, and goods are homogenous. Sellers in this market set identical prices, and there are no barriers to entry or exit. Prices are generally driven down to marginal costs, which ensures that no single seller is able to earn supernormal profits in the long run.

In What Type of Market Structure to Sellers Set Identical