Option 1 -> Correct feature. Perfect competition has many buyers and sellers, so no single entity dominates.
Option 2 -> Correct feature. Free entry and exit ensure no barriers prevent firms from joining or leaving the market.
Option 3 -> Incorrect feature. In perfect competition, both buyers and sellers are price takers, not price makers.
Option 4 -> Correct feature. Perfect knowledge means all participants have complete information about prices and products.
Hence, Option 3: Buyers are price makers -> In a perfectly competitive market, the price is determined by market forces of demand and supply. Individual buyers and sellers have no control over the price; they must accept the market price. Both are price takers, not price makers. Price making power exists in markets like monopoly or oligopoly, not in perfect competition. -> correct