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Type of asymmetric information

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Reference no: EM132830121

Answer the following question

Q No 1

A car with only 5000km on the odometer is being sold to a customer for half the car's original price. The salesperson tells the customer that the car has been bought by an old man three months ago and now wants to sell the car because he does not like the color of this car. Additionally, the salesperson assures the customer that the car is in great condition and requires no inspection from a mechanic.

A ) Do you think that information asymmetry exists in this situation? If yes, then what type of asymmetric information is present?

B ) How can you reduce the information asymmetry here?

Reference no: EM132830121

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