Final answer:
A purely competitive market is characterized by a large number of sellers and buyers, identical products, and no barriers to entry, making firms price takers.
Step-by-step explanation:
A basic feature of the purely competitive market is the presence of a large number of sellers. A purely competitive market, also known as perfect competition, is characterized by many important traits. Namely, there is a large number of sellers and buyers, the products offered are identical across sellers, and there are no barriers to entry or exit in the market. This creates an environment where no single firm can significantly influence market prices, making them price takers. Instead, firms focus on the quantity to produce based on the market-determined price. It contrasts with monopolistic competition, where products are differentiated, and there are few barriers to entry.