A market situation in which there is a sufficiently large number of well-informed buyers and sellers of a homogeneous product such that no individual participant has enough power to determine the price of the product resulting in a marketplace that is efficient in production and allocation of products is known as

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Business

Kramer

3 July, 00:23

A market situation in which there is a sufficiently large number of well-informed buyers and sellers of a homogeneous product such that no individual participant has enough power to determine the price of the product resulting in a marketplace that is efficient in production and allocation of products is known as

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Liliana · Answer 1

Perfect competition in marketing is a situation were there are numerous buyers and sellers that are all well informed and all elements of monopoly are absent and also, market price is above the control of individual buyers and sellers.

Also known as. The major characteristics are:

1. Many well informed buyers and sellers

2. Homogeneous product

3. Absent of monopoly

4. Market price is above the control of individual buyers and sellers.