A market, in which there are a large number of firms, homogeneous product, infinite elasticity of demand for an individual firm and no control over price by firms, is termed as
oligopoly
imperfect competition
monopolistic competition
perfect competition
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This question was previously asked in
UPSC CDS-2 – 2020
These characteristics are defining features of a perfectly competitive market structure. Firms in perfect competition are price takers because they are so small relative to the market and the product is identical, meaning they cannot influence the market price.