pure competition is a
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a marketing situation in which there are a large number of sellers of a product which cannot be differentiated and, thus, no one firm has a significant influence on price. Other prevailing conditions are ease of entry of new firms into the market and perfect market information.
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perfect competition
Pure competition is another term for perfect competition. In this market structure, there are many producers and consumers, each not large enough to influence market supply and demand. Marketed goods are homogeneous and are a perfect substitute. In such a market, the company tries to produce the largest output at the lowest price.
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