The competitive model of markets does NOT assume:

A) a large number of buyers.
B) easy entry into and exit from the market.
C) a standardized product.
D) patents and copyrights that serve as barriers to entry into the industry.

Perfect Competition

A market structure characterized by an infinite number of small firms, identical products, no barriers to entry or exit, and perfect information, leading to price takers.

Patents and Copyrights

Legal protections for inventors and creators to exclusively commercialize their innovations and creative works for a certain period.

Barriers to Entry

Economic, procedural, regulatory, or technological factors that obstruct or restrict the ability of new competitors to enter and compete in an industry.