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The American Heritage Dictionary of Business Terms » pure competition
pure competition
pure competition definition - business
pure competition
See perfect competition.
The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.
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A market characterized by a large number of independent sellers of standardized products, free flow of information, and free entry and exit. Each seller is a "price taker" rather than a "price maker".
Posted by Naveed Shahid 73 days ago.