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in Concept of Market and Marketer by (48.8k points)
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How the market can be classified on the basis of Economics?

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The Market can be classified on the basis of Economics as follows:

(a) Perfect Market: A market is said to be a perfect market, if it satisfies the following conditions:

1. Large number of buyers and sellers are there.

2. Prices should be uniform throughout the market. 

3. Buyers and sellers have a perfect knowledge of market. 

4. Goods can be moved from one place to another without restrictions.

(b) Imperfect Market: A market is said to be imperfect when

1. Products are similar but not identical. 

2. Prices are not uniform.

3. There is lack of communication.

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