to trade schools and colleges to pre-screen candidates. Employers may not even interview a candidate unless

he has a degree and, sometimes, 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. Employers may

also seek references for insights into key attributes such as energy level and work ethic.

How Imperfect Information Can Affect Equilibrium Price and Quantity

The presence of imperfect information can discourage both buyers and sellers from participating in the

market. Buyers may become reluctant to participate because they cannot determine the product's quality.

Sellers of high-quality or medium-quality goods may be reluctant to participate, because it is difficult to

demonstrate the quality of their goods to buyers—and since buyers cannot determine which goods have higher

quality, they are likely to be unwilling to pay a higher price for such goods.
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