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Perfect competition, sometimes called pure competition, is a theoretical market structure in which there are many buyers and sellers selling homogeneous goods, no barriers to entry, and perfect information. In this video, explore the precise definition of perfect competition, and how these assumptions are captured on graphs.

AP(R) Microeconomics on Khan Academy: Microeconomics is the study of individual decisionmakers in an economy, such as people, households, and firms. Learn how markets work, how incentives drive decisionmaking, and how market structure influences market outcomes. We hit the traditional topics from an AP Microeconomics course, including basic economic concepts, markets, production and costs, profit maximization perfect competition, imperfectly competitive market structures, game theory, factor markets, and income inequality.

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