In a perfectly competitive industry there are many small firms that own an equal share of
the market with no one company getting a greater foothold over another. Within the market structure, products or services sold are similar to one another and can be easily substituted by the customer. Entry and exit into the industry is easy and equal in that they have the same costs and regulations to begin and end the business. These firms also have equal access to information, technology, vendors, and customers. This is an “ideal type” structure that is unrealistic in competitive markets and therefore very few of these industries exist (Dolan, 2014).