Perfect competition

Noun

Word Frequency: 1.0

Definitions

1.NounA theoretical type of market structure, where there are many firms providing homogeneous (especially, fungible) goods or services, resulting in allocative and productive efficiency in the long run but also precluding profitability.

Synonyms

monopolistic competition perfect market competitive market market equilibrium static equilibrium productive efficiency efficient market hypothesis equilibrium price perfect price discrimination absolute advantage supply and demand general equilibrium

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