Perfect Competition

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

1. ^ American Marketing Association, AMA Dictionary.