Final answer:
Imperfect information causes difficulties in price agreement between buyers and sellers due to information asymmetry and differing valuations, affecting perceived fair market value.
Step-by-step explanation:
It might be difficult for a buyer and seller to agree on a price when imperfect information exists because of the lack of transparency and uncertainty. If one party has more information than the other, this can lead to a phenomenon known as 'information asymmetry', where the less informed party is at a disadvantage in negotiations. Additionally, each party's valuation of the item could differ due to the gaps in information, leading to a price disagreement. Imperfect information can skew perceptions of fair market value and make it challenging to reach a mutually agreed-upon price.