Title: What is Pure Competition? (with picture)
Headings: What is Pure Competition? (with picture)
What is Pure Competition? (with picture)
Malcolm Tatum
Malcolm Tatum
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Malcolm Tatum
Last Modified Date: February 25, 2021
Malcolm Tatum
Date: February 25, 2021
Businesses engaged in a pure competition market usually structure production so that they incur marginal costs at a level where they can earn the most profit. Also sometimes referred to as perfect competition, pure competition is a situation in which the market for a product is populated with so many consumers and producers that no one entity has the ability to influence the price of the product sufficiently to cause a fluctuation. Within this type of market setting, sellers are considered to be price takers, indicating that they are not in a position to set the price for their products outside a certain range, given the fact that so many other producers are active within the market.