In a perfectly competitive market, both buyers and sellers have ________ knowledge and so are able to make decisions independently

Question

Quizplus · Accepted Answer

In a perfectly competitive market, buyers and sellers have perfect knowledge about the market conditions, including prices, quality, and availability of goods or services. Therefore, they can make informed decisions independently without being influenced by any external factors or information asymmetries.

In a Perfectly Competitive Market, Both Buyers and Sellers Have