Asymmetric Information
A used-car seller knows exactly whether the car is good or bad. The buyer doesn't. The result: buyers pay only an average price, sellers of good cars leave the market, until only "lemons" remain.
Think & Rich
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A used-car seller knows exactly whether the car is good or bad. The buyer doesn't. The result: buyers pay only an average price, sellers of good cars leave the market, until only "lemons" remain.
Think & Rich
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