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:
“I say to you: Make perfect your will.
I say: take no thought of the harvest,
But only of proper sowing.”
—T.S. (Thomas Stearns)
“Playing games with agreed upon rules helps children learn to live by rules, establish the delicate balance between competition and cooperation, between fair play and justice and exploitation and abuse of these for personal gain. It helps them learn to manage the warmth of winning and the hurt of losing; it helps them to believe that there will be another chance to win the next time.”
—James P. Comer (20th century)