Answer :
Final answer:
Perfect competition is a market structure with numerous producers, no barriers to entry, homogeneous products, and perfect information, leading to producers being price-takers.
Explanation:
Perfect competition is a market structure characterized by a large number of producers, no barriers to entry, homogeneous products, and perfect information. In perfectly competitive markets, producers are price-takers who have no control over the price but can determine the quantity to produce.
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