Difference between revisions of "Perfect competition"
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| − | '''Perfect competition''' is so much competition that a [[seller]] would lose | + | '''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. | ||