George Akerlof examined how the presence of asymmetric information can lead to bad outcomes in otherwise fair
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Question:
George Akerlof examined how the presence of asymmetric information can
lead to bad outcomes in otherwise fair markets. What good was Akerlof
exploring in a paper titled "Market for LemonsLower wages mean lower prices, meaning a dollar in one region can buy
more than a dollar in another region. To compare living standards, what
metric do economists use to adjust the national income for cost of living?
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