perfect competition A market structure in which there are many sellers, many buyers, and identical products; demand and supply determine price and quantity. One of four basic competitive markets structures. Related Related Articles: What We Might Not Know About Big TechLearn With Elaine: McDonald’s Speedy Drive-ThruWhat We Can Learn From Ketchup and MustardAll You Could Want To Know About ChocolateWhy Should We Care About Pink? Ann Mills Share This Previous Articleopen corporation Next Articlerecession December 17, 2020