In the real world, perfectly competitive markets are very few. Most markets are monopolistically competitive or oligopolistic.

Question

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Most real-world markets do not meet the strict criteria for perfect competition, such as having many buyers and sellers, identical products, and no barriers to entry. Instead, they tend to have elements of monopolistic competition, where many producers sell products that are differentiated from one another, or oligopoly, where a few firms dominate the market.

In the Real World, Perfectly Competitive Markets Are Very Few