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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.

Economists call it "perfect competition" and it's basically the opposite of a monopoly.

From Los Angeles Times • May 8, 2018

The more closely the world can be made to resemble an ideal market governed only by perfect competition, the more law-like and “scientific” human behaviour, in the aggregate, becomes.

From The Guardian • Aug. 18, 2017

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

Crowded as the city was, there was a perfect competition among the tradesfolk for the honour of entertaining him and the young widow and child of a St. Bartholomew martyr.

From The Chaplet of Pearls by Yonge, Charlotte Mary

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