perfect competition

perfect competition
Economic ideal in which many perfectly informed buyers purchase identified and uniform goods in a market freely able to expand or shrink. Real markets depart from the ideal in some or all respects: it is controversial to what extent this vitiates the use of the idealization.

Philosophy dictionary. . 2011.

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  • Perfect competition — Economics …   Wikipedia

  • Perfect competition — An idealized market environment in which every market participant is too small to affect the market price by acting on its own. The New York Times Financial Glossary * * * perfect competition perfect competition ➔ competition * * * perfect… …   Financial and business terms

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  • Perfect Competition — A market structure in which the following five criteria are met: 1. All firms sell an identical product. 2. All firms are price takers. 3. All firms have a relatively small market share. 4. Buyers know the nature of the product being sold and the …   Investment dictionary

  • perfect competition — noun : competition 4b …   Useful english dictionary

  • perfect competition — rational free market of manufacturers and individual buyers that have all needed information (Economics) …   English contemporary dictionary

  • perfect competition — /ˌpɜ:fɪkt kɒmpə tɪʃ(ə)n/ noun (in economic theory) the ideal market, where all products are equal in price and all customers are provided with all information about the products …   Marketing dictionary in english

  • Perfect information — is a term used in economics and game theory to describe a state of complete knowledge about the actions of other players that is instantaneously updated as new information arises. Chess, Irensei and Go are canonical examples of games with perfect …   Wikipedia

  • Competition (economics) — Competition in economics is a term that encompasses the notion of individuals and firms striving for a greater share of a market to sell or buy goods and services. Merriam Webster defines competition in business as the effort of two or more… …   Wikipedia

  • Competition Commission of India — is a body of the Government of India responsible for enforcing The Competition Act, 2002 throughout India and to prevent activities that have an adverse effect on competition in India. It was established on 14 October, 2003. Contents 1 The… …   Wikipedia

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