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1. The market has many buyers and sellers

2. All firms sell identical goods

3. Buyers and sellers have relevant information about prices, product quality, sources of supply, and so on

4. Firms have easy entry into and exit out of the market

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Sarah's strawberries is a new business that will be competing in the perfect competition market for strawberries.

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"price takers" - cannot influence the price of their products

only earn enough profit to stay in business (if there was excess profit other businesses would enter the market at drive profits down

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no barriers to entry

Free flow of information

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There are high barriers for entry into perfect competition markets.

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perfectly competitive firms produce the quantity of output at which marginal revenue equals marginal cost

They change the equilibrium price for their product