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What is special about industry

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Reference no: EM132015020

A friend is getting married and she comments that everything about the wedding industry from buying a wedding dress to picking out flowers to arranging a wedding reception, all of the costs are unclear at the outset and can end up surprisingly expensive. Naturally, this appears beneficial to firms in the industry. Putting yourself in the shoes of an economist, why is this the case? What information asymmetries, price discrimination opportunities or other market characteristics explain this situation? (e.g. Why haven't natural market forces, the power of internet or other factors impacted this industry much? What is special about this industry?)

Reference no: EM132015020

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