Perfect competition
Revision as of 13:34, 9 January 2013 by Professional Pricing Society (talk | contribs) (Created page with "'''Perfect competition''' is a state facing a firm where the elasticity of demand is infinite and therefore any increase in price removes al...")
Perfect competition is a state facing a firm where the elasticity of demand is infinite and therefore any increase in price removes all sales and any decrease in price adds an infinite number of sales, up to the industry level of demand. Also known as commodity market.