competitive market JUST WRITTEN FOR YOU
/kəmˈpɛtɪtɪv ˈmɑːrkɪt/ · com·pet·i·tive mar·ket
noun
- a market structure where multiple firms produce similar products, leading to lower prices and increased innovation due to rivalry among sellers The tech industry is a competitive market, with numerous companies vying for consumer attention with innovative products and competitive pricing.
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Did you know? The concept of a competitive market was first introduced by Adam Smith in his book 'The Wealth of Nations' in 1776, where he described the 'invisible hand' that guides market forces to create economic efficiency. This idea has since become a cornerstone of modern economic theory.