If a Seller Knows More About the Good Than the Buyer

question 9

Multiple Choice

If a seller knows more about the good than the buyer does, there exists

• A)perfect information
• B)an externality
• C)a low marginal benefit of information for the buyer
• D)asymmetric information
• E)optimal search

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Definitions:

Autonomy

The degree to which a job provides the employee with the freedom, independence, and discretion to schedule their work and determine how it is done.

Responsibility

The state or fact of having a duty to deal with something or of having control over someone.

Control

The power to influence or direct people's behavior or the course of events.

Responsibility

The obligation to carry out duties or tasks effectively and to be accountable for the outcomes of one’s actions.