What is the capital market? How is the primary market different from the secondary market? In your opinion, are these markets efficient?

The capital market is a financial system that allows businesses to raise long-term funds from investors. The primary market is where previously unissued securities are bought and sold for the first time, while the secondary market is where previously issued securities are traded between buyers and sellers after their initial issuance.
In my opinion, these markets can be efficient if all participants have access to accurate information and prices reflect underlying supply and demand for particular securities in an unbiased manner. Additionally, high levels of competition among intermediaries such as brokers, traders, banks etc., who provide liquidity in these markets can also promote efficiency by reducing transaction costs.