Does perfect competition truly exist in the real world or is it just purely hypothetical/theoretical?
They operate more like a cartel or an oligopoly. They certainly make abnormal profit and the customers rarely have perfect information.
I'd say that the stock market is the absolute closest thing we have to a perfect market.
The most "ideal" market is probably a player market in an MMO. There is zero barrier to entry, and each customer has equal access to every seller and vice versa. The market deals in perfectly comparable goods (two people selling the same item don't have differences in quality, trustworthiness, or speed) and buyers can simply locate the lowest price for an item and purchase it.
Purely hypothetical, yes. It's like that lim -> 0 in maths. Can never reach 0, but come damn close.
What we can do is to minimize the damages.
It's funny that socialists thinks that just because you can't have a perfect market, then they should have a perfect state control over the economy.
Statist, please go!