Perfect market

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A perfect market is heuristic and has the following assumptions ^[1]:

Rationality of all market actors (Rationality in meaning of the actor's utility maximization)
No transaction costs (particularly no information costs and no taxes)
Price taking behavior - there is a sufficiently large number of participants such that no individual can affect the market
given rare resources
freedom of decision to do something or to let it be (no external effects)

Share and foreign exchange markets are commonly seen to be the most similar to the perfect market. The real estate market is an example of a very imperfect market.