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Knowledge is easily shared between all participants in the market " My wheat has been affected by a new fertilizer"

No barriers, you can leave anytime you want. ( Want to stop being a farmer? you can!)

Many buyers and sellers are available (There is always someone willing to sell these items)

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Has many buyers and sellers

All firms sell identical products

Buyers and sellers have identical information (no asymmetrical information)

There are no barriers to enter or exit the market

( If it doesn't have these four characteristics it is not a Perfectly Competitive Market)

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Because of the characteristics in a perfectly competitive market, sellers always end up being price takers.

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Agricultural products (wheat, soybeans, corn)

Gasoline

Stocks

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No uniqueness (everyone gets the same exact thing)

Cannot sell above equilibrium price (price takers) ( if the price of corn at equilibrium price is $5, you cannot sell corn at $6)

Limited choices ( There are only so many products available that cannot be made or sold as something different. Not like coco-cola and pepsi.)

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It answers the questions:

How much product do we want to produce? By producing the quantity of output where marginal revenue equals marginal costs.

What price do we charge for our product? Because it is a price taker it has no say or choice in the matter.

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https://forms.gle/WrDSCuJMwBQCpSTaA