Answer :
Perfect competition is characterized by many buyers and sellers and they produce identical products.
A hypothetical market structure is referred to as perfect competition. Perfect competition offers a useful model for illustrating how supply and demand influence prices and behavior in a market economy, despite perfect competition rarely occurring in actual markets.
A market model known as perfect competition is predicated on the idea that many companies create the same commodities that are purchased by many consumers. The assumption made by the model of perfect competition is that it is simple for new businesses to enter the market and for existing ones to depart. Finally, it makes the assumption that buyers and sellers are fully informed about the state of the market.
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