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Simple English definitions for legal terms

perfect competition

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A quick definition of perfect competition:

Perfect competition is a type of competition where there are many buyers and sellers in a market. In this type of competition, no one seller or buyer has control over the market. Everyone has to sell or buy at the same price. This means that there is no monopoly or oligopoly in the market. It is like a game where everyone has the same chance to win.

A more thorough explanation:

Definition: Perfect competition is a type of market structure where there are many small firms producing identical products and no single firm has control over the market. In perfect competition, all firms have equal access to resources and technology, and there are no barriers to entry or exit.

Examples: A good example of perfect competition is the market for agricultural products such as wheat or corn. There are many small farmers producing identical products, and no single farmer has control over the market. Another example is the market for stock trading, where there are many buyers and sellers of stocks, and no single trader has control over the market.

Explanation: In perfect competition, there are many small firms producing identical products, which means that consumers have many options to choose from. This competition keeps prices low and ensures that no single firm can charge a higher price than its competitors. Additionally, because there are no barriers to entry or exit, new firms can enter the market if they believe they can produce the product more efficiently or at a lower cost. This competition ensures that resources are allocated efficiently and that the market operates at maximum efficiency.

perfect attestation clause | perfect defense

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HopefullyInLawSchool
16:06
it means you will not be rejected today and may be accepted or WL in the future
Just got my Michigan rejection
BookwormBroker
16:10
same
RoaldDahl
16:10
@HopefullyInLawSchool: what if i already got rejected. does it mean anything
HopefullyInLawSchool
16:12
@RoaldDahl: Likely not however it could mean nothing
RoaldDahl
16:15
So if it means nothing does that mean something?
HopefullyInLawSchool
16:17
Possibly
RoaldDahl
16:26
Cool
RoaldDahl
16:26
thank you!!!! i hope it means something
pinkandblue
16:31
fart
IrishDinosaur
16:36
Mich R gang lesgooo
Did anyone else get that random get to know nova email?
HopefullyInLawSchool
17:21
Ya it was sent to all YM applicants
starfishies
17:37
Anyone get the NDLS email inviting you to apply for something even though they haven’t made a decision on your app yet
17:38
Better yet I got the email and I was rejected last month
starfishies
17:38
Wtf
starfishies
17:39
and the deadline is in like a week what is this
any cardozo movement?
BatmanBeyond
18:01
Sent a LOCI via portal, but I'm wondering if email would have gotten me a swifter response
BatmanBeyond
18:02
This whole hold/wait-list/reserve system is a headache
loci already?
BatmanBeyond
18:09
If the odds are like 1-2% I don't think it matters much by the numbers
12:11
I got the same NDLS email
OrangeThing
12:18
I think the user profiles are broken
19:29
Any word out of Notre Dame?
19:29
Only the invitation to apply for LSE
19:29
Anyone received a decision from NDLS?
19:50
when did u guys apply that just heard from umich? they havent even glanced at my app yet
0:30
how am i supposed to spy on people when profile links are broken?
Right. Broken links smh
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