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

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A perfectly competitive market is characterized by a large number of small firms, each producing identical goods or services. These firms have no control over the market price and are price takers, meaning they must accept the going market price for their product. Specialization is not a characteristic of a perfectly competitive market, as identical products are being produced. Few large firms would indicate an oligopoly or monopoly market structure, where firms have a significant market share and some degree of market power to influence prices.

Which of the Following Is a Characteristic of a Perfectly