Competition

From CNM Wiki
Revision as of 12:03, 10 May 2023 by Gary (talk | contribs) (Definition)
Jump to: navigation, search

Competition is a situation in which there are many individuals or firms, so that the actions of any one of them do not influence market prices.

Definitions

According to Macroeconomics by Mankiw (7th edition),

Competition. A situation in which there are many individuals or firms, so that the actions of any one of them do not influence market prices.