What does perfect competition mean?
Definitions for perfect competition
per·fect com·pe·ti·tion
This dictionary definitions page includes all the possible meanings, example usage and translations of the word perfect competition.
Wikidata
Perfect competition
In economic theory, perfect competition describes markets such that no participants are large enough to have the market power to set the price of a homogeneous product. Because the conditions for perfect competition are strict, there are few if any perfectly competitive markets. Still, buyers and sellers in some auction-type markets, say for commodities or some financial assets, may approximate the concept. As a Pareto efficient allocation of economic resources, perfect competition serves as a natural benchmark against which to contrast other market structures.
Numerology
Chaldean Numerology
The numerical value of perfect competition in Chaldean Numerology is: 3
Pythagorean Numerology
The numerical value of perfect competition in Pythagorean Numerology is: 5
Translations for perfect competition
From our Multilingual Translation Dictionary
- вільна конкуренціяUkrainian
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"perfect competition." Definitions.net. STANDS4 LLC, 2024. Web. 7 May 2024. <https://www.definitions.net/definition/perfect+competition>.
.svg/220px-Perfect_competition_in_the_short_run_(simple).svg.png "perfect competition")
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