Perfect competition is characterized by Group of answer choices many buyers and few sellers. many buyers and many sellers. few buyers and many sellers. a few companies that control the market. few buyers and few sellers.

Many buyers and many sellers

Explanation:

Perfect competition occurs in a market where we have a large number of buyers and sellers selling the same products with no restriction to information and minimum governmental influence.

Its characteristics include many buyers and sellers, undifferentiated products, no barrier to entry and exit.

It does not allow excess profit as companies make just adequate profit to say afloat in business.

It is used as a standard for real life market.