COMPETITIVE MARKET: A market with a large number of buyers and a large number of sellers, such that no single buyer or seller is able to influence the price or any other aspect of the market -- no one has any market control. A competitive market achieves efficiency in the use of our scarce resources if there are no market failures present. See also | market | competition | price | quantity | equilibrium | efficiency | market control | regulation | demand price | supply price | satisfaction | opportunity cost | Pareto efficiency |
