What is the term that is used to refer to a situation in which one party to an economic transaction has less information than the other party?

Question

Quizplus · Accepted Answer

Asymmetric information refers to a situation where one party to a transaction has more information than the other party. This can lead to market failures as the party with less information may not be able to make informed decisions, leading to adverse selection or moral hazard.

What Is the Term That Is Used to Refer to a Situation