Question

Which is a feature of a perfectly competitive market?
price differences between firms producing the same product
significant barriers to entry into the industry
the industry's demand curve is perfectly elastic
products are standardized or homogeneous

Answer 1

Answer: products are standardized or homogeneous

Explanation:

 Products are standardized or homogeneous for the perfectly competitive market as, in the case of the competitive industry there are no barriers in the industry to entry. The products are homogeneous in the nature and there is large numbers of the firms are perfectly substituted in the industry. So, the price elasticity of the demand for the firm product is infinite.