Per (Tse) a competitive market is a market in which there are so many buyers and sellers they individually have minimal impact on the market price.
To be a perfectly competitive, a market must have two characteristics: - the goods being offered for sale are homogenous (identical). - buyers and sellers have no impact on the market price on their own.
Work cited: Tse, Harry. “Lecture-3 Equilibrium Elasticity.” 2025.
