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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

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

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