Title: 
Headings: Perfect Competition Definition
Perfect Competition Definition
5 Characteristics and 3 Examples
What is Perfect Competition
Key Points
5 Characteristics of Perfect Competition
1. Many Competing Firms
2. Similar Products Sold
3. Equal Market Share
4. Buyers have full information
5. Ease of Entry and Exit
Perfect Competition Definition
3 Perfect Competition Examples
1. Agriculture:
2. Foreign Exchange Markets:
3. Online shopping:
General FAQs
Further Reading

Content: For instance, the oil and gas industry requires a high level of up-front investment. As such, this is a barrier to entry for competitors. Under perfect competition, these costs do not exist or are in fact insignificant. Additionally, firms are able to exit the market with ease under perfect competition. For example, a firm may have a long-term contract. But they are unable to leave the market without significant costs. Perfect Competition Definition
In simple terms, Perfect Competition is where there are many buyers and sellers. In fact, we characterize them by 5 key factors: Many Competing Firms
Similar Products Sold
Equal Market Share
Buyers have full information
Ease of Entry and Exit
Perfect competition is also known as ‘pure competition’. It emphasizes the fact that it is an idealized concept rather than a reality.