Quick Definition

Perfect competition is a market structure where numerous small firms compete against each other, and none can influence market prices due to their size.

Examples

• 1Agricultural markets where numerous farmers sell their products at a market price.
• 2Online freelancing platforms where many freelancers offer similar services at competitive rates.
• 3Fish markets where many small vendors sell similar types of fish.
• 4Street food vendors in a busy urban area competing by offering similar food items at similar prices.

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