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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

What do economists (and used-car dealers) mean by a “lemon”?

To determine

The meaning of ‘lemons’ in accordance with the economists is to be determined.

Explanation

First of all economists should understand that price will reflect information even with imperfect information. However, few dealers have good reputation in the market and their prices of used cars are respectively high. Short term benefits of selling 'Lemon' to their customer can cause long term loss due to loss of reputation...

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