Answer:
In a perfect competition, there are many buyers and sellers of homogeneous /identical products, and there is no barriers of entry and exit the market.
Explanation:
The statement provided is a definition by which Perfect Competition is a theoretical market structure that meet the following criteria:
- Firms sell the same product.
- Firms' market share has no influence on prices.
- Buyers have ALL the information they need regarding the product they sell.
- Firms can enter or exit the market without any barrier.
- Mobile resources for achieving their goals.
