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The characteristics of pure competition are best described by the presence of a very large number of sellers offering standardized products. In a purely competitive market, no single seller can influence the market price because the products are essentially identical across all sellers. This ensures that competition is based on price rather than product differentiation.

Firms in a pure competition scenario must accept the market price as given; they are price takers rather than price makers. This means that if any one firm tries to set its price above the market price, consumers will simply buy from other sellers, driving the firm to comply with the market price.

Moreover, the entry and exit of firms are typically unrestricted in a purely competitive market, allowing new competitors to enter freely if they see an opportunity for profit. This dynamic prevents any significant barriers to entry, contrasting with characteristics found in monopolistic or oligopolistic markets where only a few firms may dominate and control prices.

Understanding these characteristics helps to grasp the fundamental principles of how pure competition operates and its implications for pricing and consumer choice.