Now having some knowledge of perfect competition and how/why it's generally experienced only in commodity markets, and that's not an absolute, discuss why the market for housing though competitive doesn't function under the theory of perfect competition. Hint: take each of the tenets of perfect competition and ask yourselves (for example) "Are all house the same (homogenous)?"; "Do sellers face buyers with 'few' choices?" get the idea? In essence, you're describing why real estate isn't perfectly competitive and how those characteristics we studied often do not apply. Enjoy the learning