A perfect market is one in which well-informed, price-taking buyers and sellers easily trade a standardized good or service. A standardized good or service is one: for which any two units of it have the same features and are interchangeable. Consider a market that is in equilibrium.
A good is a tangible or physical product that someone will buy, tangible meaning something you can touch, and service is when you pay for skill. A service is something intangible, which can't be physically touched or stored.
Buyers and sellers are price-takers. This feature follows from the assumption of an identical good and many buyers and sellers so no buyer or seller can influence the price. No barriers to entry, so in the long-run firms can freely enter or exit the market whenever firms are realizing profits or losses.
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