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:
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—François Rabelais (1494–1553)
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—Madeleine [Blair], U.S. prostitute and “madam.” Madeleine, ch. 5 (1919)