Select which characteristic of a perfectly competitive industry is not met in the examples below. Four fundamental characteristics of a perfectly competitive industry: (1) there is a large number of buyers and sellers, (2) firms in the industry produce and sell a homogeneous product, (3) information is equally accessible to both buyers and sellers, and (4) there are insignificant barriers to industry entry or exit. Even though one firm produces a large portion of the industry's total output, there are many firms in the industry, and their products are indistinguishable. Firms can easily exit and enter the industry. This example violates characteristic numbe