Is There Such a Thing as a Perfect Market?

I had always thought that the ubiquitous Economics-class phrase perfect markets was just that: a phrase that did not reflect reality. After all, for perfect markets to exist we need perfect information, in real time, immediate; no participant with the power to set prices; no barriers to entry or exit. Well, I think I found the closest thing to a perfect market that I will probably ever find: minibus fares in La Paz. Perfect information? The "sidekick" of every minibus driver yells the fare out for everyone to know before they board (that includes other minibuses running the same route). As soon as one starts reducing or increasing fares, the others follow suit. This happens in a matter of minutes. No participant with the power to set prices? The only thing that exists is a ceiling on the fare set by the government (2.30 Bolivianos); other than that each driver and his sidekick decide the fare independently. No barriers to entry or exit? This I am not so sure about. Most minibus drivers belong to a syndicate, but I know for a fact that some do not. How easy is it to do this without belonging to a syndicate? I don't know. Perhaps I should chat with one of the drivers one of these days to find out.