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
market structure
comparative advantage
See All Related Terms »

Federal Open Market Committee (FOMC)
Grading certificate
certificated bankrupt