Which of the following is not characteristic of perfect competition?
a. Many buyers and sellers
b. Ability to control the price
c. Standardized (identical) products
d. Free entry and exit of firms
Perfect Competitive Market
A perfectly competitive market refers to the market in which homogeneous product is sold by large firms at the same price into the market. These products are homogenous because of the same quality, size, and color. These products are also known as identical product.