competitive market
Many sellers, buyers
A competitive market is one where multiple sellers offer similar goods or services, giving buyers choices and preventing any single seller from controlling prices.
Economic theory holds that competitive markets drive efficiency—producers must improve quality or lower prices to survive.
The competitive market for smartphones keeps pushing innovation.
The opposite is a monopoly, where one seller dominates.
- level playing fieldEqual competitive conditions
- demandForceful request or requirement
- cartelsCollusive business alliances
- antitrust lawsRegulations preventing corporate monopolies
- rivalryOngoing contest between opponents
race to the bottom · price war · supply and demand · supply · collusion · free enterprise · predatory pricing · price discrimination · economics · price transparency · producer · consumer choice · fair trade · Federal Trade Commission · deregulation · barrier to entry · Clayton Act · profit margins
competitive marketmonopoly
One seller, no substitutes
oligopoly · monopsony · duopoly · cartel · captive market
competitive marketcommand economy
State-controlled economic system
planned economy · state-controlled economy · government monopoly · socialist economy · price controls
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