Question

Why are there no perfectly competitive markets in the world today?

Answer 1

Perfect competition doesn't exist in real world. This is because products in a perfect competition should be homogeneous. However when you consider the actual case, every product would have slightest of the differentiation. Even when you consider agricultural products , the products may differ in terms of quality, size etc. Also in a perfect competition, there must be no barriers to entry , however in general sense , there exist even few barriers to entry like even the minimum of the capital is a barrier to entry. All these reasons constitute the fact that there are no perfectly competitive markets in the world.