Perfect Competition Market

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A Perfect Competition Market is an economic market that ...



References

2014

  • (Wikipedia, 2014) ⇒ http://en.wikipedia.org/wiki/perfect_competition Retrieved:2014-11-30.
    • In economic theory, perfect competition (sometimes called pure competition) describes markets such that no participants are large enough to have the market power to set the price of a homogeneous product. Because the conditions for perfect competition are strict, there are few if any perfectly competitive markets. Still, buyers and sellers in some auction-type markets, say for commodities (especially decentralised digital commodities such as Bitcoin) or some financial assets, may approximate the concept. As a Pareto efficient allocation of economic resources, perfect competition serves as a natural benchmark against which to contrast other market structures.