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Perfect competition

Where many firms sell an identical product that have no control over price. Perfect competition is an ‘ideal’ market structure. No markets are perfectly competitive in practice. Economists have developed this model to use as a benchmark against which to analyse the behaviour in other, more realistic market structures. Those markets that come close to being perfectly competitive include fresh produce markets such as the large fish, fruit and vegetable markets that consist of a large number of traders who come together at the same physical location to sell their ‘catch’ or ‘pick of the day’ to wholesalers and retailers, as well as the stock market.

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