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A 'free' market supposes that the consumer has all the available information he needs to make the most rational choice for his own best interest. Deception of t
by mhuffman 12y ago
A 'free' market supposes that the consumer has all the available information he needs to make the most rational choice for his own best interest. Deception of the consumer is not a primary part of the (mostly theoretical) free markets.
That is why laws exist to protect the consumer from provider deception. The question, related to this topic, is just how manipulative are you able to be before you are being deceptive?
- JoeAltmaier 12y agoDon't know where you got that. The 'free' part of free market means the seller can set their price any way they wish - the market prices are not set by any authority. In such a market "let the buyer beware" is the norm. The information available to the consumer is another issue entirely, and no assumption of perfect knowledge is assumed.