Specifically answer this prompt: Have you ever experienced a time where you (as either a buyer...

Specifically answer this prompt: Have you ever experienced a time where you (as either a buyer or a seller) had more (or less) information about the quality of the product or the available prices of close substitutes to the product? Explain your situation.

One common example is: used car sales. Buyers sometimes have a lot less information than sellers about the quality of the used car.

A story from your experience about the lack of "full information" in a market you have participated in.

Expert Solution

Purchasing Bread Cutlet from a street vendor in a new city.

When we purchase Bread Cutlet from a reputed restaurant, the entire information is mentioned on the card itself and the chefs are ready to share the information at any point of time.

I would like to share an experience of buying Bread Cutlet in a new city from a road side vendor.

I went to Mumbai for some official work. As I was new to the city I was completely clueless about the price of Bread Cutlets offered by various vendors. The vendor asked me to pay 50 INR. I paid the same. Moreover, I was completely clueless about the quality of the product, the kind of potatoes and paneer used for the preparation , how much and which quality of oil is used for the preparation, whether the oil is trans fat free or high in cholestrol as such information is not being shared by the vendor. The quality of bread used is also completely undisclosed and unknown to the buyer. Thus the buyers have less information about the quality and the price paid by them.

Rahul Sunny answered 2 hours ago

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