What are the basic features of perfect market?

Answer 1

Many buyers and sellers in the market. No barriers to entry or exit in the industry. The firm is a price taker in a perfectly competitive market. No persuasive advertising. In the long run, the firm achieves both allocative and productive efficiency. Existence of only normal profits in the long run.

Answer 2

There are five characteristics of perfect market.

1 A huge number of buyers and sellers of the specific commodity, no one ( either buyer or seller) could effect the price by individual action.

2 Units of the commodities being buy and sell must be equal in standard.

3 Seller and buyer must be fully aware of the market.

4 Inputs of the commodity must be completely mobile.

5 There must be no ban on the entry of new firms or exit of the old firms.

( Javed Awan. Virtual University of Pakistan )

Answer 3

There are not actually any conditions that have to be perfect as people like different types of market, some like buisy ones and some like more relaxed quiet and overall cheap ones.

In my opinion a perfect market would be one with quite a few stalles lined up along the street all of them with wonderfull products at cheap prices, not too many visitors either as you willl want a good selection of items when you get to a particulsr stall.