Perfect competition is a theoretical market structure in neoclassical economics that generates the best economic results for customers as well as society.
Why Can't Profits Be Made in a Completely Competitive Market?
Economists may refer to a market as a perfect market if it enjoys perfect competition. Some economists compare the performance of actual markets to the benchmark of ideal competition.
While certain industries may show some signs of perfect competition, few few can be said to be in this state because it is an idealized, theoretical model.
The other types of market structures include monopoly, monopolistic competition, and oligopoly in addition to the perfect competition market structure. Each face varied levels of rivalry.
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