Which of the following is a characteristic of a competitive market?

In a competitive market, one of the key characteristics is that there are many sellers offering similar products. This abundance of suppliers leads to increased competition among them, which helps to ensure that prices remain in check, as no single seller has significant control over the market price. The presence of various sellers also contributes to a wider choice for consumers, allowing them to select from different offerings that may vary slightly in terms of quality or features, despite being fundamentally similar products.

The other aspects, such as restrictions on new entrants, uniform pricing among competitors, and large firms dominating the market, contradict the essence of a competitive market. High barriers to entry would limit competition, uniform pricing suggests collusion or a lack of competition, and market dominance by a few large firms would lead to an oligopoly rather than a competitive market structure. Thus, the characteristic of many sellers offering similar products stands out as the defining feature of a competitive market.