What are the characteristics of a perfectly competitive market?

Perfectly competitive markets are those industry structures wherein a firm believes that it is capable of selling as many number of units of a certain good as it wishes by setting one price that is equivalent to or lesser in comparison to the market price.

The attributes of such markets are:

(A) Composition of larger number of sellers as well as buyers in the market.

(B) Production and selling of one homogenous product by the firm, whereby the product of that firm is incapable of being differentiated from product of other firms.

(C) Free entry into market in addition to free exit from market for firms.

(D) Perfect information regarding the price, quality as well as other relevant description about the market and the product is provided all sellers and buyers.