perfect competition

noun

A theoretical type of market structure, where there are many firms providing homogeneous (especially, fungible) goods or services, resulting in allocative and productive efficiency in the long run but also precluding profitability.

Opposite
non-price competitionmarket power
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Meanings

nounperfect competition (uncountable)
  1. uncountableeconomicsA theoretical type of market structure, where there are many firms providing homogeneous (especially, fungible) goods or services, resulting in allocative and productive efficiency in the long run but also precluding profitability.

    Antonyms: non-price competition, market power

Synonyms & antonyms

nounA theoretical type of market structure, where there are many firms providing homogeneous (especially, fungible) goods or services, resulting in allocative and productive efficiency in the long run but also precluding profitability.

Opposite
non-price competitionmarket power
Cite this entry
APA

perfect competition. (n.d.). In WatkinsX Dictionary. Retrieved November 4, 2026, from https://dictionary.watkinsx.com/word/perfect%20competition

MLA

“perfect competition.” WatkinsX Dictionary, https://dictionary.watkinsx.com/word/perfect%20competition. Accessed November 4, 2026.

Chicago

WatkinsX Dictionary, s.v. “perfect competition,” accessed November 4, 2026, https://dictionary.watkinsx.com/word/perfect%20competition.

Source: perfect competition on Wiktionary, CC BY-SA 4.0.