Which of the following type of competition is just a theoretical economic concept, not a realistic case where actual competition and trade take place?

Monopoly

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Oligopoly

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Perfect competition

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monopolistic competition

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Solution

The correct option is D Perfect competition
Perfect competition is a type of market where there are huge number of buyers and sellers who deals in the same type of product due to which no individual unit is able to influence the price of the product and the seller have to quote the price that prevails in the market which usually remains uniform due to such large involvement of the masses. Therefore, it is a theoretical economic concept which is not actual in reality

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