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

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

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

How nearly in practice the earnings of labor and capital approximate the ideal rates which perfect competition would establish is a question which it is not necessary at this point to raise.

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