Examlex
The ____ is the entire range of all radio frequencies.
Hidden Characteristic
In economics and contract theory, a hidden characteristic refers to information about a product, service, or individual that is not known beforehand by one of the parties in a transaction, potentially leading to problems like adverse selection.
Asymmetric Information
A situation where one party in a transaction has more or superior information compared to another.
Car Insurance
A contract between a vehicle owner and an insurance company, providing financial protection against physical damage or bodily injury from traffic collisions.
Asymmetric Information
An instance where in a transaction, one entity has higher or more detailed information than another.
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