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Describe what a lemons market is and give two examples.
Economics:
Economics:
Describe what a lemons market is and give two examples.
To describe:
The lemons market along with two examples.
Explanation of Solution
Difficulties related to asymmetrical information emerges because both the participants of trade lack, or there is short of knowledge or information which builds an informed decision with respect to a transaction.
The issue with the potential purchaser is that they usually depend on the seller or on that information which has relatively much more aware correct value. More specifically, the concept of lemons markets is referred to address the problems regarding the value of an investment or product, thereason of which, is the unequal information held by the buyer and the seller.
Example of lemons market can be an illustration of employment of minorities...
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