as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
system
what are some of the key characteristics of a competitive market?
user
a competitive market typically has a large number of buyers and sellers, a homogeneous product and low entry and exit barriers. prices are determined by the forces of demand and supply, and buyers and sellers have equal access to information.
assistant