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Definition

Pure competition is a market model in which:
  1. a lower price is the only element that leads buyers to prefer one seller to another (i.e., all sellers are offering identical products).
  2. the amount that each individual seller can offer constitutes such a small proportion of the whole, that acting alone it is powerless to affect the price.[1]

See also


References
  1. ^ American Marketing Association. AMA Dictionary.

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