A nationally renowned website offers a place for people to buy and sell precious gemstones, but the information about gemstones can be quite imperfect. The website then enacts a rule that all sellers in the market must pay for two independent examinations of their gemstones, which are available to the customer for inspection.

• How would you expect this improved information to affect demand for emeralds on this website? Include one example to support your answer to this question.
• How would you expect this improved information to affect the quantity of high-quality emeralds sold on the website? Include one example to support your answer to this question.
• Suppose you are the seller of gemstones, what are two constraints to abiding by the new rule from the website? Include one example for each constraint and at least one reference from the Wall Street Journal, The Economist or the New York Times in response.
• Please provided detail responses with examples and references.

https://openstax.org/books/principles-economics-2e/pages/14-introduction-to-labor-markets-and-income

https://openstax.org/books/principles-economics-2e/pages/15-introduction-to-poverty-and-economic-inequality

https://openstax.org/books/principles-economics-2e/pages/16-introduction-to-information-risk-and-insurance