Perfect knowledge of the market is a feature of the perfect competition market structure. In this type of market, all buyers and sellers have complete knowledge about the prices of goods and services, as well as the quality and availability of products. There are no barriers to entry or exit, and all market participants are price takers, meaning they have no control over the market price.
Perfect knowledge of the market is a feature of the Perfect Competition market structure. In perfect competition, all buyers and sellers have access to all relevant information, allowing them to make informed decisions about prices, quantities, and quality of goods or services. This means that buyers and sellers have full knowledge of market prices, product availability, production techniques, and other relevant market information. Perfect knowledge promotes transparency and ensures that no participant has an unfair advantage.
