noun
Meaning 1
A theoretical type of market structure, where there are many firms providing homogeneous (especially, fungible) goods or services, resulting in allocative and productive efficiency in the long run but also precluding profitability.
Definition source: English Wiktionary via Wiktextract
Usage: uncountable
Topics: economics, sciences
No example sentence was provided for this meaning.
Meaning relationships
Synonyms: none provided
Antonyms: non-price competition, market power