“Perfect competition and monopoly are two extreme market conditions which we rarely come across in real world of business”. Discuss their relevance in today’s business world.  

Perfect competition and monopoly are two extreme market conditions that are often used as theoretical benchmarks in economics. While it is true that these conditions are rarely found in their purest form in the real world of business, they are still relevant in understanding the market dynamics of today's business world.

Perfect competition is a market condition where a large number of buyers and sellers exist in the market, and no _______ ________ ______ ___ __________ __________ _______ _____ _________ ___ _________ _________.
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