The goods have been categorized into the competitive and imperfect market as follows:
Competitive Market
- gasoline bought at gas stations at a busy interstate exit
- a fresh produce stand at a farmers' market
Imperfect Market
- electricity providers
- a furniture store in an isolated small town
- all the fast-food restaurants in your town
- university education
- A competitive market is characterized as a market where a number of producers come together in a competition to serve the consumer's needs and demands.
- In such a market, homogeneous or identical products are available, and therefore, the prices are determined by the market forces.
- Since 'gasoline...stations' exemplify the presence of similar products and 'a fresh produce...market' demonstrate plenty of producers, they would be classified under 'competitive market.'
- An imperfect market is described as a market having a number of sellers yet they sell distinct goods and the consumers do not possess proper knowledge about them.
- Since the electricity providers are controlled monopolies, 'a furniture store...isolated' is not known to people, the university education and fast-food outlets offer distinct goods, they all would be characterized under imperfect market.
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