Does perfect competition truly exist in the real world or is it just purely hypothetical/theoretical?
>>1045589
yes. countries compete
>>1045589
It's purely theoretical model. It will never happen in real life because the requirements for it to exist are impossible to both create and maintain.
>>1045589
It's 100% hypothetical and considering how many firms enter a specific industry almost impossible to regulate.
>>1045589
The closest thing were gonna get is kebab shops on british high streets.
>>1045627
They operate more like a cartel or an oligopoly. They certainly make abnormal profit and the customers rarely have perfect information.
I'd say that the stock market is the absolute closest thing we have to a perfect market.
>>1045808
how about saturated labour markets.
coders in india or something
The most "ideal" market is probably a player market in an MMO. There is zero barrier to entry, and each customer has equal access to every seller and vice versa. The market deals in perfectly comparable goods (two people selling the same item don't have differences in quality, trustworthiness, or speed) and buyers can simply locate the lowest price for an item and purchase it.
>>1045947
I have always thought this, which is why I can see people spending so much time on these things. It's a great example of an ideal market.
>>1045589
Purely hypothetical, yes. It's like that lim -> 0 in maths. Can never reach 0, but come damn close.
What we can do is to minimize the damages.
It's funny that socialists thinks that just because you can't have a perfect market, then they should have a perfect state control over the economy.
>>1045592
Statist, please go!
