The market structure in which the operation are many and none of them can influence the price is

Assessment: WAEC SSCE - Economics - 2004 (Objective) Subject: Economics

Question 1 Report

The market structure in which the operation are many and none of them can influence the price is
Answer Details
The market structure in which the operations are many and none of them can influence the price is called a perfect market. In a perfect market, there are many buyers and sellers of a product or service and all have access to the same information regarding price and availability. No single buyer or seller has the power to influence the market price as they are all price takers. This means that the market price is determined by the forces of supply and demand. In a perfect market, there are no barriers to entry or exit, and firms are free to enter or leave the market without any restriction.

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