Perfect competition? Perfect competition?

Perfect competition is that theoretical structure of the market in economics where a high number of buyers and sellers engage in the market and no single agent has the power to change the market price. It's often considered the ideal or standard model for understanding how markets efficiently work. Perfect competition doesn't exist in the real world very often, but it still gives an important framework for thinking about market dynamics, efficiency, and the allocation of resources.
In this article, we will discuss the essential characteristics of perfect competition, conditions, theoretical concept versus its applicability in real life, advantages and disadvantages, comparison with monopoly, and practical illustrations on how it can be manifested or approximated in practice.