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Definition Buyer: Under a contract of sale, the party who acquires, or promises to acquire, ownership, benefit, or usage in exchange for money or other consideration. Also known as a buyer.

Seller: A seller is a party who makes, offers, or contracts to make a transaction to an actual or potential buyer.

Incomplete information may alter the optimal pricing of buyers and sellers. However, due to incomplete information, the buyer was unable to determine quantities and was hesitant to enter the market. and the seller could not analyze the quality of goods which buyer required so cannot demonstrate the quality of goods to the buyer. Economics analyst refers to buyer and seller participating in the thin market. It means when it is difficult for buyers and sellers to participate in the market due to imperfect information then the market may become expressly thin as a only a small percentage of buyers and sellers try to provide enough information.

Thus, imperfect information might be difficult for buyers and sellers to participate in the market and agree on a price.