perfect competition

Popular Terms
The theoretical free-market situation in which the following conditions are met: (1) buyers and sellers are too numerous and too small to have any degree of individual control over prices, (2) all buyers and sellers seek to maximize their profit (income), (3) buyers and seller can freely enter or leave the market, (4) all buyers and sellers have access to information regarding availability, prices, and quality of goods being traded, and (5) all goods of a particular nature are homogeneous, hence substitutable for one another. Also called perfect market or pure competition.

Use 'perfect competition' in a Sentence

I thought they were the perfect competition because they had the drive and the passion for what they were doing.
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There was an instance of perfect competition which was indicative of the overall thriving nature of the marketplace we were involved in.
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If you find yourself in perfect competition you must try to market your product as best as you can to beat your competitors.
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