Seamus Valentine

Business

31 March, 10:11

The market for used cell phones is very popular in Barylia. However, several phones available in this market are of inferior quality and it is often impossible to differentiate between a good-quality phone and a poor-quality phone.

Refer to the scenario above. Based on the given information, we can conclude that the market for used cell phones in Barylia:

is perfectly competitive.

has asymmetric information.

has only one seller.

is monopolistically competitive.

has asymmetric information.

+2

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