perfect competition
/ˌpɜːrfɪkt ˌkɒmpɪˈtɪʃən/
a market with many buyers and sellers trading identical products
perfect competition in a sentence
“Agricultural commodities approach perfect competition.”
Origin of perfect competition
From perfect + competition (Latin competere to strive together)
Related Words
price discrimination
charging different prices to different customers for the same product
supply and demand
the relationship between availability and desire that determines price
elasticity
the responsiveness of demand or supply to price changes
marginal cost
the cost of producing one additional unit
equilibrium
a state where supply equals demand
scarcity
the fundamental economic problem of unlimited wants and limited resources