reputation.

c.

Imperfect information is relatively high. How can you tell whether the computer is really in good

working order? Why are they selling it?

d.

Imperfect information is relatively high. What do those flowers really look like?

2. Asymmetric information often exists in the labor market because employers cannot observe many key

employee attributes until after the person is hired. Employees, however, know whether they are energetic

or detailed-oriented. Employers, therefore, often seek schools to pre-screen candidates. Employers may

not even interview a candidate unless he has a degree and often a degree from a particular school.

Employers may also view awards, a high grade point average, and other accolades as a signal of hard work,

perseverance, and ability. Finally, employers seek references for insights into key attributes such as

energy level, work ethic, and so on.
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