Chapter 16: Q. 1 (page 397)
For each of the following purchases, say whether you would expect the degree of imperfect information to be relatively high or relatively low:
a. Buying apples at a roadside stand
b. Buying dinner at the neighborhood restaurant around the corner
c. Buying a used laptop computer at a garage sale
d. Ordering flowers over the internet for your friend in a different city
Short Answer
a. Low
b. Low
c. High
d. High