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REALISM OF PERFECT COMPETITION: Perfect competition is an idealized market structure that does NOT exist in the real world. While some real world industries might come relatively close to a one or two of the four key characteristics of perfect competition, none matches all four sufficiently that we can declare a perfectly competitively industry. Some industries come close on the large number of small firms and the identical product characteristics. A few industries have relatively good, although not perfect, information about prices and technology. However, almost all industries fall far short of the perfect mobility characteristics.

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Today, you are likely to spend a great deal of time searching for a specialty store looking to buy either a genuine down-filled pillow or one of those "hang in there" kitty cat posters. Be on the lookout for poorly written technical manuals.
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Two and a half gallons of oil are needed to produce one automobile tire.
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