What are the four market conditions, that much hold if this market structure is to be deemed perfectly competitive? A. (1) Numerous small firms and consumers. Each agent is so small that they are deemed to exercise market power or undue influence. (2) Heterogenity of product. The product offered by any seller is similar but differentiated. (3) Freedom of entry and exit. New firms can enter easily, facing no great barriers or impediments, meaning new firms can come in and compete easily with old well-established firms. Likewise, firms that are unprofitable can easily exit the market. They are not prevented by legal decree from leaving, for example. (4) Perfect Information. Each seller and consumer are well informed about the available products, quality, and prices. They know whether one supplier is selling at a lower price than another. B. (1) Numerous small firms and consumers. Each agent is so small that they are deemed to exercise market power or undue influence. (2) Homogeneity of product. The product offered by any seller is identical or virtually identical to that supplied by any other seller. (3) Freedom of entry and exit. New firms can enter easily, facing no great barriers or impediments, meaning