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-there are large number of buyers and sellers
-homogeneity [uniformity] of the product
-each buyer and seller has a perfect knowledge of the market
-the buyers and sellers have the freedom to enter and leave the market
-there is no government interference
-there is no excess supply or demand
-there is perfect mobility of factors of production
-there is no transport costs incurred as its assumed the buyers and sellers are located in one area
Dominic Onsase answered the question on March 5, 2018 at 15:00
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