For a free market to have "perfect competition", one of the requirements is that "Buyers have complete or perfect information (in the past, present, and future)

For a free market to have "perfect competition", one of the requirements is that "Buyers have complete or perfect information (in the past, present, and future) about the product being sold and the prices charged by each firm." Information asymmetry is a big factor acting against a free market that is "perfectly competitive". In the US, commerce regulations are more or less meant to to push the market as close as possible to this theoretical state of perfect competition. Insider trading, front running, or any similar forms, directly act against this goal and increase information asymmetry. https://www.investopedia.com/terms/p/perfectcompetition.asp https://www.investopedia.com/terms/p/perfectcompetition.asp