In a perfect market, what did Marshall believe the value of a good was equal to?

Marshall believed that in a perfect market, the value of a good is equal to its utility. This principle highlights the relationship between the satisfaction that consumers derive from a good and its overall value in the market. In a perfect market scenario, where all buyers and sellers have complete information, the value of a good corresponds with the usefulness or satisfaction it provides to consumers, which ultimately drives demand.

Understanding this concept is important in real estate as it relates to how the desirability of a property can significantly influence its market value. The alignment of consumer preferences and the perceived utility of a property establishes its worth in the marketplace, guiding buyers' decision-making and pricing strategies by reflecting the benefits derived from owning a specific real estate asset.