Editing Substitute good (section)

===Perfect competition===
Perfect competition is solely based on firms having equal conditions and the continuous pursuit of these conditions, regardless of the market size <ref>{{Cite web |last=Lordkipanidze |first=Revaz |date=2022-04-23 |title=Perfect Competition |url=https://www.researchgate.net/publication/359402074 |access-date=2022-04-23}}</ref> One of the requirements for [[perfect competition]] is that the goods of competing firms should be perfect substitutes. Products sold by different firms have minimal differences in capabilities, features, and pricing. Thus, buyers cannot distinguish between products based on physical attributes or intangible value.<ref>{{Cite web|last=Hayes|first=Adam|title=Understanding Perfect Competition|url=https://www.investopedia.com/terms/p/perfectcompetition.asp|access-date=2020-10-21|website=Investopedia|language=en}}</ref> When this condition is not satisfied, the market is characterized by [[product differentiation]]. A perfectly competitive market is a theoretical benchmark and does not exist in reality. However, perfect substitutability is significant in the era of [[deregulation]] because there are usually several competing providers (e.g., electricity suppliers) selling the same good which result in aggressive [[price competition]].