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Which market structure is most prevalent in reality? Explain.
Perfect competition is an ideal type of market structure where all producers and consumers have full and symmetric information, no transaction costs, where there are a large number of producers and consumers competing with one another. Perfect competition is theoretically the opposite of a monopolistic market.
Let's review different market structures and their characteristics. Monopolistic competition is the most common market structure, characterized by brand name and slightly differentiated products with many substitutes.
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