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.
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