effective (adjective, ef-fec-tive, \ əˈfektɪv \) competition (noun, com-pe-ti-tion, \ ˌkɑːmpəˈtɪʃən \)
Definition: is a situation, a condition, in which two (or more) independent competitors (companies) seek and contend for the same piece of business, while each of them is acting on their own and with no collusion. Effective competition is possible in the conditions of a relevant, workable market. However, even in the market that is not ideally structured, an effective competition can show adequate levels. In theory, an effective competition may eliminate (or at least reduce the level of) monopoly on the modern market and to allow smaller and near-monopoly businesses to trade and operate in the same, equal conditions and on the same level. However, the practical effectiveness of this method hasn’t been clearly established yet.
In a Sentence:
- In the conditions of effective competition, every company is regulated equally.
- Effective competition these days allows the customers to get access to all the necessary information about the product that they require.
Synonyms and related words: open competition, effective capacity, collusion, effective rate, effective franchise, relevant market, workable competition
