a)What are information problems affecting sellers?Give an example that illustrates how these types of problems are resolved. (6 marks)(no words limitation)

b)Why does a new car lose substantial market value when it is purchased, but a new car left on the car dealer lot still retains its market value (answer related to asymmetric information)?

(6 marks)(no words limitation)

How have firms and organizations devised ways to overcome information problems without government intervention?Give three examples.(6 marks)(no words limitation)