A perfectly competitive market is assumed to have the following characteristics: 1) There are numerous buyers and sellers in the market, such that no single agent has the power to affect the market price. Thus, both the parties are price-takers. 2) The products sold in the market are identical. 3) There is perfect information among the buyers regarding price and output. https://www.expertsmind.com/topic/economics/price-and-output-determination-92397.aspx