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Consider a market in which high-quality and low-quality television sets are sold. Before consumers ...

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Consider a market in which high-quality and low-quality television sets are sold. Before consumers ...

Consider a market in which high-quality and low-quality television sets are sold. Before consumers make a purchase, they do not know the quality of the sets, but the sellers do know. As compared to a situation where both consumers and sellers know the quality of the sets, this situation would
A) cause no change in the ratio of low to high-quality sets sold.
B) increase the fraction of high-quality sets sold.
C) increase the fraction of low-quality sets sold.
D) cause the average price of goods sold to rise.

Textbook

Microeconomics

Edition: 8^th

Author: Pindyck

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