An idealized market structure in which there are large numbers of both buyers and sellers, all of them small, so that they act as price takers. Perfect competition also assumes homogeneous products, free entryand exit, and complete information. Most international trade theory prior to the New trade Theory assumed perfect competition.
Browse by Subjects
See All Related Terms »
low grade bond
American Psychological Association (APA):
Chicago Manual of Style (CMS):
Modern Language Association (MLA):