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2. https://courses.lumenlearning.com/boundless-economics/chapter/perfect-competition/
3. https://businessjargons.com/perfect-competition.html
Perfect competition leads to the Pareto-efficient allocation of economic resources. Because of this it serves as a natural benchmark against which to contrast other market structures. However, in practice, very few industries can be described as perfectly competitive. Nevertheless, it is used because it provides important insights.