Marshall’s view of market value indicates that under perfect conditions, price and value are what?

Marshall's view of market value suggests that under perfect conditions, price and value are identical. This perspective is rooted in the economic theory where value is determined by the equilibrium between supply and demand in a perfectly competitive market. In such an ideal situation, the price that buyers are willing to pay aligns exactly with the intrinsic value of a property, which reflects what the property is truly worth based on factors such as location, condition, and market dynamics.

When these perfect conditions are met, there are no external influences or imperfections that could cause a discrepancy between what a property is worth and what buyers are willing to pay. Thus, in a perfectly efficient market, price becomes equal to value, highlighting the theory that, in such an environment, market participants have all relevant information and make decisions that lead to an accurate representation of a property's value through its price. This principle is foundational in real estate economics and reflects the idea that market efficiency can lead to fair pricing.