In a perfectly competitive market, which of the following is a characteristic that distinguishes it from other market structures?

A perfectly competitive market is unique because it has many buyers and sellers, all of whom sell identical products. This means that no single seller can influence the price of the product; instead, prices are determined by supply and demand in the market. For example, if there are many farmers selling the same type of apples, one farmer cannot charge more than others because consumers can easily buy from a different farmer. Additionally, there are no barriers to entry, so new sellers can join the market freely if they want to. This creates a situation where everyone competes fairly, leading to efficient resource allocation.