Statement I: The Internet has moved entire markets much closer to the ideal of perfect knowledge.
Statement II: The advent of the Internet has brought wide sectors of business closer to the ideal of perfect competition.

Question

Quizplus · Accepted Answer

Statement I is true because the Internet has made information much easier to access, allowing consumers to have more knowledge about products and prices, thus moving closer to the ideal of perfect knowledge. 
Statement II is also true because the Internet has lowered barriers to entry in many industries, increasing the number of competitors and bringing industries closer to the ideal of perfect competition.

Statement I: the Internet Has Moved Entire Markets Much Closer