Pure Competition

Pure Competition – This is a theoretical construct and concept. Opposite of pure monopoly, where market-driven, rivalry, contest rules supreme, not dominated by one or key player, brand, stock, provider. Also called perfect competition. If it comes to microeconomics, with small firms with similar goods, products and services, resources allocation, efficiencies and productivity are balanced and successfully profitable, making money.  This is a typical situation where many sellers sell the same product and no seller can set the price. As a wholesome market structure, there are typically similar/identical products, all players not makers, but price takers, with smaller shared market share, all know the pricing and details of the products, where companies and competitors can freely enter and exit as they choose.