What conditions must be Satisfied for there to be a Perfectly Competitive Market?

-Infinite Number of Suppliers and Consumers - No single Firm/Consumer has any ‘Market Power’ (affect the Market by themselves) and Each Firm is a ‘Price Taker’ meaning the Market Price is what Firms must deal with -Perfect Information for Consumers - Well Informed choices are being made ie the Prices that all firms are charging and Details. -Perfect Information for Producers - No ‘secret low-cost production’ and knows All Prices Charger -Products are Homogeneous (Identical) - Consumers can Switch products from different Firms -No Barriers to Entry / Exit - Firms can enter and exit easily -Firms are Profit Maximisers - all decisions are made to Max Profit - so MC=MR