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perfect competition

British

noun

economics a market situation in which there exists a homogeneous product, freedom of entry, and a large number of buyers and sellers none of whom individually can affect price

"Collins English Dictionary — Complete & Unabridged" 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012

Example Sentences

Examples are provided to illustrate real-world usage of words in context. Any opinions expressed do not reflect the views of Dictionary.com.

If there were thousands of players, the HHI would be nearly zero — the blissful state of perfect competition mentioned above.

From Los Angeles Times • May 8, 2018

In perfect competition, a business is so focused on today’s margins that it can’t possibly plan for a long-term future.

From Time • Mar. 11, 2015

But the gasoline market is unusual for retail products to the extent to which it approximates a textbook case of perfect competition.

From Slate • Jul. 20, 2012

Capitalism, as it has evolved, is far removed from Adam Smith's vision of entrepreneurs operating under the constraint of perfect competition.

From The Guardian • Sep. 23, 2010

Within each one of these industries perfect competition between the different employers will give him the value of the product which, in that business, his capital is able to create.

From Essentials of Economic Theory As Applied to Modern Problems of Industry and Public Policy by Clark, John Bates

Definitions and idiom definitions from Dictionary.com Unabridged, based on the Random House Unabridged Dictionary, © Random House, Inc. 2023