perfect competition



  • noun the ideal market, where all products are equal in price and all customers are provided with all information about the products.


  • noun a hypothetical model of a market where all products of a particular type are identical, where there is complete information about market conditions available to buyers and sellers and complete freedom for sellers to enter or to leave the market.

Health Economics

  • (written as Perfect Competition)
    A market in which the number of competing firms is sufficiently large for none of them to be able individually to affect the price of the products they sell.