Pure competition is a marketing situation where many sellers offer similar products for similar prices. In pure competition markets, corporations have little control of a product's price. Pure competition is the opposite of a monopoly, where one company has complete price control because of little competition.
What are the characteristics of pure competition?
Some characteristics of pure competition include: A pure competition market has many sellers and buyers. This competition can create high demand and supply rates. While pure competition markets may have occasional small demand and supply shifts, the number of buyers and sellers often remains reasonably consistent.
Is pure competition practical?
Pure competition is more theoretical than it is practical, but there are a few examples in real world markets that come about as close to pure competition as possible. The following are examples of markets that fit most of the attributes of pure competition. To unlock this lesson you must be a Study.com Member.
