Definition
Perfect competition is a market model that assumes pure competition plus perfect knowledge, perfect freedom of movement, and perfect substitutability of the factors of production.[1]
See also
- Duopoly
- Imperfect competition
- Monopolistic competition
- Monopoly
- Monopsony
- Oligopolistic competition
- Oligopoly
- Oligopsony
- Workable competition
References
- ^ American Marketing Association, AMA Dictionary.