Examples of a perfect competition?

Answer

In economics, perfect competition is a term that describes markets where none of the participants has sufficient market power to determine the cost of a homogeneous product. Since the circumstances for perfect competition are strict, few if any, such markets exist. Nevertheless, sellers and purchasers in certain auction-type markets may approximate this notion. This notion acts as a yardstick against which to gauge imperfect and real-life competitive markets. Examples of a perfect competition do not exist. However, there are a number of approximations for instance a huge auction of similar products in the presence of every potential seller and buyer.
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A stock exchange approximates a perfect competition, as do street food markets in developing countries, fish markets and vegetable vendors operating in the same area.
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