Perfectly competitive industries are characterized by:

A) few sellers and many buyers.
B) consumers who can differentiate between products.
C) standardized goods.
D) a few producers who make up most of the market share of the industry.

Perfectly Competitive

A market structure characterized by an infinite number of small firms, homogeneous products, and easy entry and exit, leading to price-taking behavior.

Standardized Goods

Products that are uniform in quality and specifications, allowing them to be interchangeable with others of the same type.

Market Share

The share of a market held by a certain company or product.