How is the lemons problem in the used car market an example of asymmetric information?
What will be an ideal response?
The seller of a used car has more information about the quality of the car than the potential buyer.
Economics
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Overuse of a common resource may be avoided by all of the following methods of government intervention except
A) restricting access to the resource. B) restricting the intensity of the use of the resource. C) issuing tradeable permits for the use of the common resource. D) government taking over ownership of all common resources.
Economics
The price of a factor of production that is in fixed supply is called
A) opportunity cost. B) a compensating differential. C) economic rent. D) economic profit.
Economics