This refers to the economic model used to benchmark the performance of markets.
Perfect Competition implies an industry or market in which no one supplier can influence prices, barriers to entry and exit are small, all suppliers offer the same goods, there are a large number of suppliers and buyers, and information on pricing and process is readily available. In reality it is virtually impossible for all these factors to be fully in place in any given market.
Perfect Competition is a term normally found in business economics and financial management.
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