Question

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

Answer 1

Answer:

Explanation:

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.

Answer 2

Answer:

This type of market is known  as perfect competition

Explanation:

Perfection competition as a form of market exhibits the following characteristics:

Large number of buyers and sellers where no single buyer or seller dictate the price or quantity demanded or supplied,the invisible hands , the forces of demand and supply determines equilibrium price and quantity.

Free entry and exit , in that a market participant can join and leave at any time without any barriers.

Perfect knowledge in that all market participants are well informed of the happenings in the market place.

Factors of production and merchandise can move  from one point to the other freely without hindrance.