Difference between revisions of "Competition"
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Revision as of 17:30, 1 July 2020
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.
Definition
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.
