
Principles Of Marketing
17th Edition
ISBN: 9780134492513
Author: Kotler, Philip, Armstrong, Gary (gary M.)
Publisher: Pearson Higher Education,
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How might imperfect information impact price?
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Buyers cannot distinguish which goods have a higher quality and might be less likely to pay higher prices for that good.
Because buyers cannot determine the true quality of a product, they might tend to bid up the prices.
Because they might not be able to present all the information about a product, sullers might temporarily lower the price to make potential buyers think the product is of excellent quality.
Imperfect information might tend to cause prices to be perfectly elastic.
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