PERFECT COMPETITION
\pˈɜːfɛkt kˌɒmpətˈɪʃən], \pˈɜːfɛkt kˌɒmpətˈɪʃən], \p_ˈɜː_f_ɛ_k_t k_ˌɒ_m_p_ə_t_ˈɪ_ʃ_ə_n]\
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An economic term for a market in which there are lots f buyers and sellers, depicting little individual control over the prices. Other characteristics include the fact that all buyers and sellers are looking to maximize their profits, the buyer or the seller can leave the market without any restraint, and all the sellers and buyers should have access to information regarding the prices, etc. of the gods that are being traded.
By Henry Campbell Black
