Competition

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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.

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