perfect competition JUST WRITTEN FOR YOU
/ˈpərfɛkt kəmˈpɛtɪʃən/ · per.fect.com.pe.ti.tion
noun
- A market structure in economics where there are many firms producing a homogeneous product, no single firm has the power to influence prices, and all firms have perfect knowledge of market conditions. The economist studied the effects of perfect competition on the market prices of goods.
noun
- A situation in which there is no single dominant firm or entity, and all participants have equal access to resources and information. The company aimed to create a perfect competition in the industry by reducing barriers to entry.
Did you know? The concept of perfect competition was first introduced by economist Alfred Marshall in his book 'Principles of Economics' in 1890.