Competitive Factor Markets ■ Characteristics 1) Large number of sellers of the factor of production 2)Large number of buyers of the factor of production 3The buyers and sellers of the factor of production are price takers Chapter 14 Slide 3Chapter 14 Slide 3 Competitive Factor Markets ◼ Characteristics 1) Large number of sellers of the factor of production 2) Large number of buyers of the factor of production 3) The buyers and sellers of the factor of production are price takers