LS19 Flashcards
1
Q
Perfect Informwtion
A
When the buyer and seller have a complete understanding of the nature of a good or service
2
Q
Symmetric Information
A
When buyers and sellers have equal amount of information of a good or service
3
Q
Imperfect Information
A
When a buyer and seller lack an understanding about the nature of a good or service
4
Q
Asymmetric Information
A
When a buyer or seller have more information about a good or service than the other party
5
Q
Information gap
A
When either the buyer or seller does not have the information needed to make a fully informed decision
6
Q
A
