Many economists believe the strict definition of perfect competition does not exist in the real world. Yet,the market equilibrium in this market is claimed to be efficient, and all other markets (monopoly, oligopoly and monopolistic competition) that are more realistic, are evaluated in terms of their distance from the equilibrium in a perfect competitive market.

Would you be in favor of having only very competitive firms in your town?

Try to explain the pros and cons of it with examples.