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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]].
'''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]]. A perfectly competitive market must:
*Have products which are perfect [[substitutes]] for each other.
*Have many companies in the market.
*All the companies must have identical costs for their supplies.
*The consumers must be fully informed about the products.
The [[market]] for [[dairy]] products is close to perfect competition.
The [[market]] for [[dairy]] products is close to perfect competition.