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

A perfectly competitive market is one where many buyers and sellers exist, and no single one can control the price of the product. All the products offered are identical, meaning consumers see no difference between what different sellers provide. This leads to easy entry and exit from the market, so if a company wants to start selling or stop selling, it can do so without significant obstacles. For example, think of a local farmer's market where many farmers sell the same type of apples; customers will choose the seller based on price, which keeps prices fair and competitive. Overall, in perfect competition, the market determines prices based on supply and demand, ensuring that no one seller can influence the market significantly.