Perfect competition

An idealized market environment in which every market participant is too small to affect the market price by acting on its own. The New York Times Financial Glossary

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perfect competition UK US noun [U] (also pure competition)
ECONOMICS a situation where the sellers of a product or service are free to compete fairly, and sellers and buyers have complete information
Compare IMPERFECT COMPETITION(Cf. ↑imperfect competition), MONOPOLY(Cf. ↑monopoly)

Financial and business terms. 2012.

Look at other dictionaries:

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  • Perfect information — is a term used in economics and game theory to describe a state of complete knowledge about the actions of other players that is instantaneously updated as new information arises. Chess, Irensei and Go are canonical examples of games with perfect …   Wikipedia

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