Pure competition is a market model in which:
- a lower price is the only element that leads buyers to prefer one seller to another (i.e., all sellers are offering identical products).
- the amount that each individual seller can offer constitutes such a small proportion of the whole, that acting alone it is powerless to affect the price.
- Imperfect competition
- Monopolistic competition
- Oligopolistic competition
- Perfect competition
- Workable competition
- ^ American Marketing Association, AMA Dictionary.