Answer :
Final answer:
Competitive markets are characterized by a large number of buyers and sellers, homogeneous products, and few barriers to entry.
Explanation:
Characteristics of Competitive Markets:
- Large number of buyers and sellers: In a competitive market, there are many buyers and sellers, ensuring no single entity can influence prices significantly.
- Homogeneous products: Products offered in competitive markets are identical or very similar, allowing for price competition.
- Barriers to entry: Competitive markets typically have low barriers to entry, facilitating new firms entering the market easily.
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