perfect competition
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
pure competition
comparative advantage
market structure
See All Related Terms »

private property
debt collection
American Depositary Receipt (ADR)