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Perfect competition
A theoretical condition in a market in which no company or consumer has any real power. The following are considered to be characteristics of perfect markets: infinite buyers or infinite sellers, no entry or exit barriers, information on prices and quality of products are well known by everyone, transactions have no cost, a company's goal is to maximise profits and products are fairly homogenous or similar.
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- Part of Speech: noun
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- Industry/Domain: Business services
- Category: Marketing
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