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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.

Maybe that's not perfect competition in the economic sense.

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

Now the only condition under which cost of production will regulate value is perfect competition.

From Encyclopaedia Britannica, 11th Edition, Volume 4, Part 4 "Bulgaria" to "Calgary" by Various

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