In economic theory, perfect competition (sometimes called pure competition) describes markets such that no participants are large enough to have the market power to set the price of a homogeneous product. Because the conditions for perfect competition are strict, there are few if any perfectly competitive markets. Still, buyers and sellers in some...
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An idealized market structure in which there are large numbers of both buyers and sellers, all of them small, so that they act as price takers. Perfect competition also assumes homogeneous products, free entry and exit, and complete information. Most international trade theory prior to the New Trade Theory assumed perfect competition.
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http://www-personal.umich.edu/~alandear/glossary/p.html
(from the article `economics`) ...of social welfare, and markets were inherently more efficient than any social intervention devised by governments. Up to this point the accepted ... ...to costs than it would to proceeds. Each firm worked its plant up to capacity—i.e., to the point where profitability was limited by rising costs. ....
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http://www.britannica.com/eb/a-z/p/43
An idealized market environment in which every market participant is too small to affect the market price by acting on its own.
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http://www.duke.edu/~charvey/Classes/wpg/bfglosp.htm
An idealized market environment in which every market participant is too small to affect the market price by acting on its own.
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http://www.encyclo.co.uk/local/20047
An industry made up of a large number of small firms, each selling homogeneous (identical) products to a large number of buyers.
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http://www.encyclo.co.uk/local/20140
In economics, a market in which there are many potential and actual buyers and sellers, each being too small to be an individual influence on the price;...
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http://www.encyclo.co.uk/local/20688
An idealized market environment in which every market participant is too small to affect the market
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http://www.encyclo.co.uk/local/22402
Describes a market in which no one can influence prices because there is enough information about a product to prevent control by an individual or a single organisation
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http://www.encyclo.co.uk/local/22643
A market structure in which there are a large number of small firms producing identical products and where there is free entry to the industry.
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http://www.encyclo.co.uk/visitor-contributions.php
In economics, a perfect competition is a market structure in which all agents take the market price as given; they cannot alter it because they lack the market power to do so. This implies that there are a large number of firms producing an identical product; perfect entry to and exit from the industry (new firms are able to set up easily); perfect...
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http://www.probertencyclopaedia.com/browse/JP.HTM
In economics, a market in which there are many potential and actual buyers and sellers, each being too small to be an individual influence on the price; there are no barriers to entry or exit; and the products being traded are identical. At the same time, the producers are seeking the maximum profit and consumers the best value for money. C...
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https://www.encyclo.co.uk/local/21221
Perfect competition is an economic condition where all companies in an industry are on a level playing field and none have an advantage or can exercise pricing power over consumers. This economic state only exists if all companies are?price takers, sell identical goods, have relatively small?market share, and purchasers know all they can know about...
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https://www.myaccountingcourse.com/accounting-dictionary/accounting-diction
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