Competition

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In marketing, competition is any rivalry in the marketplace. In economics, competition or perfect competition indicates the fact that the number of competitors is large enough that they don't dictate market prices. Generally speaking, competition means either some contest or an opposite party in that contest.


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.
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