Difference between revisions of "Perfect (economics)"

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(New page: In economics, ''perfect'' is typically used in the sense of ''ideal'', or ''as good as it can get''. {{:Perfect information}} {{:Perfect competition}})
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Latest revision as of 13:57, 16 May 2008

In economics, perfect is typically used in the sense of ideal, or as good as it can get.

Perfect information (also called complete information): Perfect information refers to a situation in a game where, at any given time, every player has complete information about the game. Equivalently, there is no existing piece of information that can be given to a player to make that player play better. The term is used in economics to describe a situation where all people in an economic transaction or market, have complete information.

No related subject wiki entry.

Also located at: Wikipedia:Perfect information

Perfect competition (also called pure competition): A market form where no buyer or seller can perceptibly influence the price of the good. It usually occurs when there is a large pool of buyers, and a large number of competing sellers, for the same good.

Also located at: Wikipedia:Perfect competition, Britannica:Perfect competition