why sellers and buyers in the monopolistic competition do not have perfect knowledge of the market conditions prevailing in the market??

Dear Student,
Buyers and sellers in the monopolistic market do not have perfect knowledge of the market conditions availing in the market because: 
In monopolistic market there are various sellers and each seller sells differentiated product . In monopolistic market there are no perfect substitutes but various close substitutes. And the price of each product is different in the market.
For example : toothpaste is an example of monopolistic market. There are various companies offering toothpaste like meswak, colgate, pepsodent, dabur, etc. and the prices of every toothpaste is different in the market . So buyers and sellers can not have the knowledge of all the products in the monopolistic market.
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Because the product of each seller is different from other.Due to availability of large no. of substitute goods with product differentiation both of them have no full knowledge about the market.
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