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Term of the Day...pure competition

Posted on 13 October, 2016 at 12:33
Term of the Day...pure competition
market characterized by a large number of independent sellers of standardized products, free flow of information, and free entry and exit. Each seller is a "price taker" rather than a "price maker".

The pure competition of the free market resulted in a happy customer base that was thriving with the price competition.Usage Example

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