Definition of perfect competition in English:
The situation prevailing in a market in which buyers and sellers are so numerous and well informed that all elements of monopoly are absent and the market price of a commodity is beyond the control of individual buyers and sellers.
- Under circumstances of perfect competition, no single buyer or seller can dominate the prices to be paid.
- He also considered conditions for equilibrium with monopoly, duopoly and perfect competition.
- His numbers implied that even though the structure of the economy did not look like perfect competition, the outcome was virtually the same as if perfect competition had prevailed.
Definition of perfect competition in:
- British & World English dictionary
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