perfect competition
noun[U]
ukus(alsopure competition)ECONOMICS
asituationwhere thesellersof aproductorservicearefreetocompetefairly, andsellersandbuyershavecompleteinformation
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imperfect competition
monopoly
Examplesofperfect competition
perfect competition
Perfectcompetitionis the only market structure for which a supply function can be derived.
From
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Wikipedia
This example is from Wikipedia and may be reused under a CC BY-SA license.In 2002 it was noted that the "dala dala" market seems to remain under conditions close to classicalperfectcompetition.
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This example is from Wikipedia and may be reused under a CC BY-SA license.If a resource is not rare, thenperfectcompetitiondynamics are likely to be observed.
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This example is from Wikipedia and may be reused under a CC BY-SA license.This could lead to an efficient outcome approachingperfectcompetition.
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This example is from Wikipedia and may be reused under a CC BY-SA license.Unlikeperfectcompetition, imperfect competition invariably means market power is unequally distributed.
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This example is from Wikipedia and may be reused under a CC BY-SA license.While real markets may not be perfectly competitive, the model ofperfectcompetitionprovides a good approximation to real market behaviour.
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This example is from Wikipedia and may be reused under a CC BY-SA license.Free entry is part of theperfectcompetitionassumption that there are an unlimited number of buyers and sellers in a market.
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This example is from Wikipedia and may be reused under a CC BY-SA license.These games are often used to provide a foundation for theperfectcompetitionhypothesis, one of the basic concepts in economics.
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This example is from Wikipedia and may be reused under a CC BY-SA license.In that matter, it is similar to theperfectcompetitionmodel sometimes used in economics.
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This example is from Wikipedia and may be reused under a CC BY-SA license.Common market structures studied besidesperfectcompetitioninclude monopolistic competition, various forms of oligopoly, and monopoly.
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Wikipedia
This example is from Wikipedia and may be reused under a CC BY-SA license.These examples are from corpora and from sources on the web. Any opinions in the examples do not represent the opinion of the Cambridge Dictionary editors or of Cambridge University Press or its licensors.