Final answer:
A market situation with many buyers and sellers where no individual can influence the price is called perfect competition, characterized by many sellers, identical products, informed participants, and free market entry and exit.
Step-by-step explanation:
The market situation described, where there are many buyers and sellers of a product, and no single buyer or seller can affect the price of the product, is referred to as perfect competition. In such a market, various attributes must hold like the presence of many sellers and buyers, which constitutes a thick market. Sellers offer identical products, known as homogenous products, and both sellers and buyers are well-informed about the products they're dealing with. There is freedom for sellers to enter and exit the market without significant barriers, which ensures a diverse presence of market participants. In a perfectly competitive market, sellers are price takers, as the market price is set by the collective actions of all market participants rather than by individual sellers or buyers.