How would economists most often define a perfectly competitive market?

Question

Quizplus · Accepted Answer

A perfectly competitive market is characterized by many firms competing with one another, where no one firm can influence the price of the product. Furthermore, the cost of entering and exiting the market should be low, allowing for easy entry and exit of firms. If the cost of entering the market is high, this would discourage new firms from entering and reduce competition.

How Would Economists Most Often Define a Perfectly Competitive Market