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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 are some ways a seller of goods might reassure a possible buyer who is faced with imperfect information?

To determine

The ways by which a seller can reassure the possible buyer who is facing the imperfect information are to be determined.

Explanation

Few ways by which a seller of goods might reassure a possible buyer who is faced with imperfect information:

  • Seller may offer money-back guarantee to buyer, an agreement that functions as a promise of quality of product.
  • Seller may offer a warranty, which is a promise to replace goods or fix problems for certain time period...

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