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Economics Booklet 3 > Assymetric Information > Flashcards

Assymetric Information Flashcards

1
Q

What is asymmetric information

A

When one party knows more than the other

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2
Q

In which case could asymmetric information be reversed ?

A

Antiques, specialist items , insurance

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3
Q

Other examples of markets that fail due to information failure

A

Speeding
Cosmetic surgery
Perfume
Takes us
2nd hand cars

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Economics Booklet 3 (13 decks)

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