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.

A) Statement I is true and statement II is false.
B) Statement II is true and statement I is false.
C) Both statements are true.
D) Both statements are false.

Perfect Knowledge

Refers to a market condition where all participants have access to all necessary information to make informed decisions.

Perfect Competition

A market structure characterized by a large number of small firms, a homogeneous product, freedom of entry and exit, and perfect information, leading to price-taking behavior.

Internet

A global network of interconnected computer networks that use the standard Internet protocol suite (TCP/IP) to link billions of devices worldwide.