Final answer:
Direct search markets do not typically display the high levels of efficiency, complete price information, or broker participation that are characteristic of perfect competition.
Step-by-step explanation:
Direct search markets are characterized by the necessity for buyers and sellers to find each other without the assistance of intermediaries. While direct search markets may involve private transactions and the sale of securities from small private companies, they are not noted for attributes such as complete price information, extensive broker and dealer participation, or a high level of efficiency.
Instead, perfect competition in market structure is characterized by features such as many sellers, identical products, well-informed sellers and buyers, and the free entry and exit from the market. In perfect competition, sellers are price takers, meaning they must accept the market price for their products because no single seller has enough influence to affect the market price.
In such a market, information is efficiently disseminated due to the market's ability to communicate the relative scarcities and prices of goods and services, which indicates how efficient the market system is as a mechanism for information dissemination.