The law also need not apply if buyers have less than perfect information about where to find the lowest price.
An individual has full or perfect information about exactly what will occur due to any choice made.
He had nearly perfect information, but no ability to do anything to change the news.
But you, too, if you're racing, are going to have to make decisions on less than perfect information.
The first game described has perfect information; the game on the left does not.
It has moved the economy closer to a state of "perfect information," as economists would say.
Management is about dealing with uncertainty, you can never obtain perfect information.
Even if we gave everybody perfect information, it wouldn't solve the problem.
This need not be perfect information about every action of earlier players; it might be very little knowledge.
At the other extreme, a system with perfect information has a unique solution.