Often, when people buy a second- hand car, asymmetric information ensures that the seller is more likely to have more information.

Question

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Asymmetric information refers to a situation where one party in a transaction has more or superior information compared to another. In the context of buying a second-hand car, the seller typically knows more about the car's history, condition, and potential issues than the buyer, which can lead to an imbalance in the transaction.

Often, When People Buy a Second- Hand Car, Asymmetric Information