A market structure in which a large number of firms produce the same product?

A market structure characterized by a large number of firms producing the same product is known as perfect competition. In this structure, no single firm can influence the market price due to the homogeneity of the product and the presence of many competitors. Firms are price takers, meaning they accept the market price determined by supply and demand. This structure encourages efficiency and innovation, as firms strive to minimize costs and maximize output.