What are the characteristics of a perfectly competitive market?

Generally, a perfectly competitive market is characterized by having many buyers and sellers. The products which are being sold in the market are also very similar with each other. This is what we call product homogeneity. The prices are often the same among the competitors, since no one can effectively dictate the prices of these homogeneous products. Lastly, the barriers in entering or exiting the market are deemed very low. The most common example would be the agricultural products which are being sold in the local market, like fruits and vegetables.