An industry characterized by many competitors,each producing identical products,with free entry and exit,is described as:

A) monopolistically competitive.
B) oligopolistic.
C) perfectly competitive.
D) monopolistic.

Perfectly Competitive

A market structure characterized by a complete absence of rivalry among the sellers and an infinite number of buyers and sellers, where no single buyer or seller has market power.

Identical Products

Goods that are exactly the same in every feature, quality, and specification, allowing no variation between them.

Many Competitors

A market condition characterized by the presence of numerous firms competing with each other.