Market in which no participant can influence prices. Characterized by a free...
exists when there are a large number of sellers and buyers, freedom to enter and leave markets, a complete flow of information, etc.
A market which has many buyers and sellers, homogenous products and no barriers to entry and exit.
A widely used economic model (market structure), where it is assumed that there is a large number of buyers and sellers for any commodity and each agent is a price taker.
An idealized market structure in which there are large numbers of both buyers and sellers, all of them small, so that they act as price takers. Perfect competition also assumes homogeneous products, free entry and exit, and complete information. Most international trade theory prior to the New Trade Theory assumed perfect competition.
A market structure in which a large number of relatively small firms produce and sell identical products and where and there are no significant barriers to entry into or exit from the industry. Firms in perfect competition are price takers and in the long run will earn only normal profits. See also Imperfect competition.
A market structure in which there are many sellers of identical products, no one buyer or seller has control over price, entry is easy, and resources can switch readily from one use to another.
A market in which there are many firms, each selling an identical product; many buyers; and no restrictions on the entry of new firms into the industry. (p. 286)
A market or industry characterized by a very large number of small firms producing an identical product so that none of the firms has any ability to influence price.
A highly idealised market structure in which there are many firms; each firm sells an identical product; there are many buyers; there are no restrictions on entry into the industry; firms in the industry have no advantage over potential new entrants; and firms and buyers are completely informed about the price of each firm's product.
A market structure in which there are large numbers of fully informed buyers and sellers of a homogeneous product and there are no obstacles to entry or exit of firms into the market.
situation in which each firm is a price taker--it cannot influence the market price; at the market price the firm can sell as much as it wishes, but if it raises its price, it loses all sales
an industry made up of a large (infinite) number of identical, price taking firms selling identical products
A market in which there are many suppliers, and the goods are the same as others that can be substituted.
An idealized market environment in which every market participant is too small to affect the market price by acting on its own.
a market where there are many sellers, products are identical, and producers have little influence over price
A market structure that entails a large number of sellers, not one of which could significantly influence price or supply. p. 57
A market situation in which there are so many sellers (and buyers) that no one seller (or buyer) can exert any influence on the price.
An ideal market structure characterized by a large number of small firms, identical products sold by all firms, freedom of entry into and exit out of the industry, and perfect knowledge of prices and technology. This is one of four basic market structures. The other three are monopoly, oligopoly, and monopolistic competition. Perfect competition is an idealized market structure that's not observed in the real world. While unrealistic, it does provide an excellent benchmark that can be used to analyze real world market structures. In particular, perfect competition efficiently allocates resources.
A market condition in which neither the buyer nor the seller can alter the price of goods or services
Conditions where a market is made up of many small firms, each selling the same products to a large number of buyers with access to full information.
Perfect competition is an economic model that describes a hypothetical market form in which no producer or consumer has the market power to influence prices. According to the standard economical definition of efficiency (Pareto efficiency), perfect competition would lead to a completely efficient outcome. The analysis of perfectly competitive markets provides the foundation of the theory of supply and demand.