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:
“One of the main things that interfere with our joy is the belief that if we try hard enough, read the right books, follow the right advice, and buy the right things, we could be perfect parents. If we are good enough as parents, our children will be perfect too.... Unfortunately, what comes from trying to live out this philosophy is not perfect children but worried parents.”
—Lawrence Kutner (20th century)
“The praise of ancient authors proceeds not from the reverence of the dead, but from the competition and mutual envy of the living.”
—Thomas Hobbes (1588–1679)