When consumers have less information about a product than do sellers, then this is the situation of

Name: When consumers have less information about a product than do sellers, then this is the situation of
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Asymmetric information refers to a situation in which one party (in this case, the seller) has more information about a product than the other party (the consumer). This can create an imbalance of power and lead to market failures, such as the sale of substandard or overpriced products.

When Consumers Have Less Information About a Product Than Do