A perfectly competitive market is one in which is at its highest level of competition. There are several characteristics that define a perfectly competitive market. A market that is in perfect competition has several buyers and sellers. Secondly, there are no barriers to entering or exiting the market. Thirdly, both buyers and sellers have full access to information about the price of the commodities in the market. Fourthly, the market has similar products; none is differentiated.

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