Which characteristic is NOT true of a perfectly competitive market?

In a perfectly competitive market, the characteristic of having high barriers to entry is not applicable. Perfect competition is defined by the presence of many small firms that can easily enter or exit the market. This low barrier to entry is essential because it allows new firms to compete freely, ensuring that no single firm can control the market price.

When barriers to entry are high, potential competitors are discouraged from entering the market, which can lead to monopolistic or oligopolistic conditions instead of the competitive environment required for a perfectly competitive market. Thus, the essence of perfect competition lies in the ability of firms to enter the market freely, driving competition and ensuring that no firm is able to influence prices significantly.