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Incomplete information frequently lowers the average quality of products and services exchanged in markets. This phenomenon, at times called the "lemons problem," explains why the supply of lower-quality products increases relative to higher quality products when sellers cannot communicate the quality of their products to potential buyers.
Discuss:
a. Why efficiency in markets with incomplete information present lower than in those with perfect information.
b. How “lemon laws” that allow buyers to return used cars or other products that turn out to be “lemons” help to correct the problem.
c. How certifications and warranties can reduce inefficiencies.
Illustrate what is the difference among a command economy also a market economy.
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wants to produce 1,000 more garments of clothing, so the economy moves from point A to point B. Illustrate what is the opportunity cost of 1,000 garments of clothing in the range between points A and B.
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