The buyer of a good has less information than the seller of the good. This is a case of
A)externality information.
B)free ridership.
C)asymmetric information.
D)biased information.
E)a public good not being a private good.

Question

Quizplus · Accepted Answer

Asymmetric information occurs when one party in a transaction has more or superior information compared to another. This is common in markets where the seller knows more about the product than the buyer.

The Buyer of a Good Has Less Information Than the Seller