Title: Pure Competition: Meaning, Characteristics
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Content: Pure Competition: Meaning, Characteristics
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Pure Competition: Meaning, Characteristics
Updated April 23, 2021
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. It is hard to find examples of perfectly competitive markets in the real world.