When one party is better informed about an economic situation than another party, economists describe the problem as one of

Name: When one party is better informed about an economic situation than another party, economists describe the problem as one of
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Asymmetric information occurs when one party has more information or knowledge about an economic situation than the other party. This can lead to market failure and inefficiencies as the less informed party may make suboptimal decisions.

When One Party Is Better Informed About an Economic Situation