Perfect Competition
One of the requirements for perfect competition is that the products of competing firms should be perfect substitutes. When this condition is not satisfied, the market is characterized by product differentiation.
Read more about this topic: Substitute Good
Famous quotes containing the words perfect and/or competition:
“Art is not tame, and Nature is not wild, in the ordinary sense. A perfect work of man’s art would also be wild or natural in a good sense.”
—Henry David Thoreau (1817–1862)
“Such joint ownership creates a place where mothers can “father” and fathers can “mother.” It does not encourage mothers and fathers to compete with one another for “first- place parent.” Such competition is not especially good for marriage and furthermore drives kids nuts.”
—Kyle D. Pruett (20th century)