The market structure in which the farmer operates is a perfectly competitive market. This is further explained below.
<h3>What is market structure?</h3>
Generally, The term "market structure" is used to describe the system by which various types of businesses are categorized and distinguished from one another depending on the level and kind of competition they face.
In conclusion, "Perfectly competitive" describes the nature of most agricultural markets, whereby numerous sellers and buyers with a good grasp of market conditions compete to supply and demand a standard commodity.
