Which of the following statements accurately describe the characteristics of firms in a perfectly competitive market? Select all that apply.

Firms in a perfectly competitive market have several key characteristics that set them apart. First, there are many sellers and buyers, meaning no single firm can control the market price; they are price takers. Each firm sells identical products, so consumers have no reason to choose one firm over another based purely on the product. Additionally, firms can freely enter or exit the market, which means if they see an opportunity to make profits, new firms can join, and if they are losing money, they can leave easily. For example, in a market for strawberries, if one farm tries to charge more than others, customers will simply buy from the other farms selling at the lower price.