is the term used to describe the ideas that there is competition between buyers and sellers, and the articles for sale have essentially the same qualities, purposes, performance, and price.?​

Pure or perfect competition is a theoretical market structure in which the following criteria are met:

All firms sell an identical product (the product is a "commodity" or "homogeneous").

All firms are price takers (they cannot influence the market price of their product).

Market share has no influence on prices.

Buyers have complete or "perfect" information—in the past, present and future—about the product being sold and the prices charged by each firm.

Resources for such a labor are perfectly mobile.

Firms can enter or exit the market without cost.

Explanation:

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answerindustrial revolution;