loculation. Definitions: 1. A loculate region in an organ or tissue, or a loculate structure formed between surfaces of organs, mucous or serous membranes, and so on. 2. The process that results in the formation of a loculus or loculi. The definition information for loculation is provided by Stedman's.
Competitive markets, sometimes referred to as perfectly competitive markets (or perfect competition), have three specific features. The first feature is that a competitive market consists of a large number of buyers and sellers that are small relative to the size of the overall market.
The sellers in a purely competitive market are price takers. The market set the price and each seller react to that price by altering the variable input and output in the short run. In the long rung they can alter the scale of plant (size of the fixed input in each short run period).