Answer:
Constant Returns to Scale: Producers in the market face constant returns to scale, meaning that they can expand or contract their production levels without experiencing increasing or decreasing average costs. This condition is often referred to as constant cost industry or constant-cost long-run supply.
Homogeneous Products: The products produced by firms in the market are homogeneous, meaning they are identical and consumers do not differentiate between them. This condition ensures that firms cannot charge higher prices for their products without losing all their customers.
Perfect Mobility of Resources: Factors of production, such as labor and capital, can move freely in and out of the industry without significant costs or barriers. This ensures that firms can enter or exit the market in response to changing conditions.