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

Question

Quizplus · Accepted Answer

In perfect competition, all firms sell an identical product and have no control over the price. Prices are determined solely by the forces of supply and demand, and sellers have to accept the market price to sell their products. Moreover, in the long run, the entry and exit of firms drive profits to zero, and prices are driven down to the marginal cost of production.

In What Type of Market Structure Do Sellers Set Identical