Dominic Solanke broke the deadlock with a fine strike just after the hour mark, and Divock Origi added a second 18 minutes later as Liverpool controlled the proceedings throughout.
Crystal Palace will play West Bromwich Albion in the third-place play-off.
Liverpool enjoyed the better start to the match, exemplified by Jordan Henderson's excellent distribution, per Liverpool writer Joel Rabinowitz:
Joel Rabinowitz @joel_archie
If you still don't appreciate Henderson's role in this team, just watch the first 10 mins of this game. Superb at switching the play.2017-7-19 12:50:50
The Reds carved out the first chance of note when Trent Alexander-Arnold picked out Daniel Sturridge from the right, but Scott Dann blocked the striker's effort.
Another lovely move saw Sturridge flick a ball over the top from Henderson to Adam Lallana, but the midfielder skied his strike.
Mohamed Salah also looked dangerous as he attacked with pace and intent, and he fired over after cutting in from the right. Goal's Melissa Reddy believes he will be a bargain given the inflated prices in the transfer market this summer:
Melissa Reddy @MelissaReddy_
Still can't believe, given the gigantic valuations in the current window, that the initial fee for Mohamed Salah was only £36.9 million2017-7-19 13:28:52
At the other end, Keshi Anderson tested Simon Mignolet after a neat one-two with Andros Townsend, but the Belgian did well to close down his effort.
Wilfried Zaha also showed flashes of his quality as he looked to get forward for the Eagles, but it was Liverpool who finished the half with another good chance when Sturridge cut onto his right foot and fired in a low effort that Wayne Hennessey got down well to claw out.
The restart precipitated a raft of changes for Liverpool, who had substituted their entire outfield within the first five minutes of the second half.
They nevertheless continued to dominate proceedings, and after Philippe Coutinho fired off target, they took the lead through Solanke. He latched onto a clever backheel from Origi before rifling in a low effort from 20 yards.
Chris Bascombe of the Telegraph joked the goal could, in fact, prove costly to the club:
Chris Bascombe @_ChrisBascombe
Think Solanke’s meant to wait until the tribunal fee is set before he starts doing things like that…2017-7-19 13:54:27
Liverpool doubled their tally in the 79th minute. James Milner fired the ball in from the left, and after Coutinho had an effort blocked, it fell kindly to Origi just six yards out.
The two remaining fixtures will both be played on Saturday.