Title: Why is perfect competition often described as the ideal market structure? - Quora
Headings: Why is perfect competition often described as the ideal market structure?
Why is perfect competition often described as the ideal market structure?
Alphons Ranner

Content: Because no market could possibly meet these artificial conditions, any excuse can be made for government regulation to intervene, to knock down any superior competitor, in order to make markets "free". In reality, the only condition needed to make a market free is respect for property rights and thus non-intervention by the government. Any attempt to impose the conditions of perfect competition would in reality suppress competition and the benefits we seek from competition. What we want from competition is a better supply of better quality goods at lower prices. Any business that is able to provide this better than others will necessarily grow larger than all the others. It will do so by improving the conditions of production, often through capital investment, to reduce the cost of production and improve the quality of its product. This is what we want from a free market and competition, but it is precisely what cannot be allowed under "perfect competition". Moitreyee Chowdhury
, B.Sc Economics, Bethune College, Kolkata (2020)
Answered 1 year ago
In a perfectly competitive market structure there exists : Perfect knowledge regarding the product by both buyers and sellers
No barriers to entry or exit of the firms
Homogenous product etc
But what is most important is that at perfect competition the price of the products are minimal which helps in creating huge demand by buyers and hence a large scale production as well. So, perfect competition helps in maximising the utility of the resources of the economy.