The market for public utilities, such as gas and electricity, exhibits the two primary characteristics that define perfectly competitive markets. The given statement is true.
A perfect market, also known as an atomistic market, is defined by various idealizing conditions, which are together referred to as perfect competition, or atomistic competition, in economics, specifically general equilibrium theory.
A market structure where all suppliers are equal and overall supply and demand are in equilibrium is referred to as perfect competition in economics. Perfect competition exists, for instance, when multiple companies are producing a commodity and no one company has a competitive edge over the others.
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