competitive markets are allocatively efficient. It is, however, difficult to find many examples of perfectly competition in the real world. Perfect competition is really a benchmark against which we compare other market structures in the real world. How much actual competition occurs in perfectly competitive markets

Some level of actual competition still occurs in the perfectly competitive markets.

Explanation:

There is a perfect competition when have many sellers, it is easy for firms to enter and leave, products of the sellers are homogeneous, and sellers are price takers.

Perfect competition is a concept that exists only in theory and does not exist in reality. As a result, real-life examples of perfect competition are hard to come by, but there are a few that demonstrate the intensity of actual competition that exists in completely competitive markets.

Consider the instance of two competing supermarkets that both stock their aisles with goods from the same set of companies. Between the two supermarkets, there is little to separate products from one another, and their pricing is nearly identical.

The market for unbranded products, which contains cheaper replicas of well-known brands, is another example of ideal competition.

Product knockoffs are often priced in the same way and it may be difficult to differentiate them. If one of the companies that makes or supplies such a product leaves the industry, another one takes its place.

Despite that perfect competition is a concept that exists only in theory, the above examples therefore show that some level of actual competition still occurs in the perfectly competitive markets.

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