Price-taking - Hutchinson encyclopedia article about Price-taking Printer Friendly
Dictionary, Encyclopedia and Thesaurus - The Free Dictionary
3,581,538,832 visitors served.
forum Join the Word of the Day Mailing List For webmasters
?
Dictionary/
thesaurus
Medical
dictionary
Legal
dictionary
Financial
dictionary
Acronyms
 
Idioms
Encyclopedia
Wikipedia
encyclopedia
?

perfect competition
(redirected from Price-taking)

    Also found in: Dictionary/thesaurus, Financial, Wikipedia 0.03 sec.

perfect competition

In economics, a market in which there are many potential and actual buyers and sellers, each being too small to be an individual influence on the price; there are no barriers to entry or exit; and the products being traded are identical. At the same time, the producers are seeking the maximum profit and consumers the best value for money. Consumers have perfect knowledge of this type of market.

The unrealistic, underlying assumptions behind this type of market mean that perfect competition is a theoretical model rather than a practical reality. Nevertheless some elements are applicable in free trade.
How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content.
?Page tools
Printer friendly
Cite / link 		Feedback
?Sign in SSL protected
Email:
Password:
Register

Mentioned in?   Hutchinson browser?   Full browser?
 
 
 
Hutchinson Encyclopedia
?

Terms of Use | Privacy policy | Feedback | Copyright © 2012 Farlex, Inc.
Disclaimer
All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional.