Answer:
(1) a large number of small firms
(2) identical products sold by all firms
3) perfect resource mobility or the freedom of entry into and exit out of the industry
(4) perfect knowledge of prices and technology.
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Answer:
The four characteristics would be -
1. A large number of small firms
2. Identical products sold by all firms
3. Perfect resource mobility or the freedom of entry into and exit out of the industry
4. Perfect knowledge of prices and technology.
Explanation:
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