perfect competition

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perfect competition

n
(Economics) 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
References in periodicals archive ?
Thursday Neston Flower Society, demonstration, Beyond your Wildest Dreams, by national demonstrator David Fawcett-Ropner of Rossendale; competition, Perfect Partners, Civic Hall, 9.30am
Among these are perfect competition, perfect knowledge, constant returns to scale, full employment, and the absence of capital and labor mobility in the "two-commodity, two-country" model.

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