'''Perfect competition''' is so much competition that a [[seller]] would lose all its customers if it raised its price a tiny amount. This large amount of competition is "perfect" for the [[consumer]].
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'''Perfect competition''' is an economic term referring to the condition that there is so much competition between vendors that a [[seller]] would lose customers if he raised prices at all. Such a competitive market is very good for the [[consumer]].
The [[market]] for [[dairy]] products is close to perfect competition.
The [[market]] for [[dairy]] products is close to perfect competition.