the "four characteristics of perfectly competitive markets are: The number of buyers and sellers is large [there are many buyers and sellers]. The...

the "four characteristics of perfectly competitive markets are:

• The number of buyers and sellers is large [there are many buyers and sellers].
• The product is standardized.
• The producers are price takers.
• Easy entry and exit."

Pick a characteristic and elaborate on why it is characteristic of perfect competition. What real-world examples do you have? Which one of those characteristics is now becoming less characteristic of the agricultural industry than in the past?