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:
“The last best hope of earth, two trillion dollars in debt, is spinning out of control, and all we can do is stare at a flickering cathode-ray tube as Ollie “answers” questions on TV while the press, resolutely irrelevant as ever, asks politicians if they have committed adultery. From V-J Day 1945 to this has been, my fellow countrymen, a perfect nightmare.”
—Gore Vidal (b. 1925)
“Never before has a generation of parents faced such awesome competition with the mass media for their children’s attention. While parents tout the virtues of premarital virginity, drug-free living, nonviolent resolution of social conflict, or character over physical appearance, their values are daily challenged by television soaps, rock music lyrics, tabloid headlines, and movie scenes extolling the importance of physical appearance and conformity.”
—Marianne E. Neifert (20th century)