pure competition JUST WRITTEN FOR YOU
/pʊər kəmˈpɛtɪʃən/ · pure.com.pet.i.tion
noun
- A market structure in which multiple firms produce a homogeneous product, and no single firm has the power to influence market prices. The economist studied the effects of pure competition on the pricing of goods in a free market.
noun
- A situation in which individuals or organizations compete without any external advantages or disadvantages. The athletes competed in a pure competition, with no team support or coaching.
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Did you know? The concept of pure competition is often used as a benchmark for evaluating the efficiency of real-world markets, and is a fundamental idea in microeconomics.