Low Barriers to Entry: This refers to the ease with which new firms can enter a market. In a perfectly-competitive market, there are low barriers to entry, meaning new firms can easily start selling their products.
Firm Enters a Market: When a firm enters a market, it means that they start producing and selling goods or services in that particular industry. In a perfectly-competitive market, firms can freely enter without any restrictions.
Identical Products: In a perfectly-competitive market, all sellers offer identical products. This means that consumers cannot differentiate between different sellers' products based on quality or features.