Asymmetric information in a market transaction occurs when there is unequal knowledge possessed by the Buyer and the seller.
A market can be defined as the process when there will be a transaction happening between two or more parties in exchange for something.
It is said that one side of a transaction has access to more information than the other; this is known as having asymmetric information.
Sellers may take advantage of buyers when there is an informational imbalance in which one party has more knowledge about the good being offered than the other.
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