perfect competition

British  

noun

1. 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

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Example Sentences

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

I was struck by a contradiction between the theory of perfect competition, which postulated perfect knowledge, with Popper's theory, which asserted that perfect knowledge was unattainable.

From Slate • Apr. 29, 2011

Wages regarded as Prices of Fractional Products adjusted by Perfect Competition.—Under the hypothesis of perfect competition, as the term has been used in our discussion, the venders of goods can get their market values.

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