Which of the following characteristics are typically associated with perfect competition? Select all that apply.

Perfect competition is a market structure where many small firms compete against each other. A key characteristic is that all firms sell identical products, meaning consumers see no difference between one seller's product and another's. Additionally, there are no barriers to entry or exit, so new companies can easily join the market if they see a profit opportunity. For example, imagine a local farmers' market where many farmers sell the same type of apples; customers choose based on price rather than brand. Lastly, in perfect competition, no single firm can control the market price, as they are all too small to influence it significantly.