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The lemon problem refers to a market failure that occurs when there is asymmetric information between buyers and sellers, particularly in the used car market. Sellers have more knowledge about the quality of the cars than buyers, leading to a situation where high-quality cars are driven out of the market because buyers are only willing to pay an average price that reflects the risk of purchasing a "lemon" (a low-quality car). This results in a decline in overall market quality and can cause a collapse of the market for high-quality goods. The concept was popularized by economist George Akerlof in his 1970 paper, "The Market for Lemons."
What else can I help you with?
Do you think the lemons problem would be more severe for stocks traded on the New York Stock Exchange or those traded over-the-counter?
Answer: The lemons problem would be less severe for firms listed on the NYSE because they are typically larger corporations which are better known in the market place. Therefore it is easier for investors to get information about them and figure out whether the firm is of good quality of lemon.
What is a major source of income for the economies of the Caribbean countries?
Like a lemon.
Define the economic problem?
define economic problem
What is the core economic problem?
the core economics problem with economy of pakistan
Which product would be considered scarce?
One example of a product that would be considered scare would be Diet Cola with lemon in it.
What does my cars a real lemon mean?
"A lemon" used like that means something that keeps developing problem after problem already from when it's new.
How can I return a problem car to the dealer?
Cehck to see if it qualifies for the "Lemon Law"?
What exactly is the Lemon Law?
The Lemon Law deals with defected cars that the seller knows about and yet fails to disclose. The law remedies this problem and compensates victims of such fraud.
How much dried lemon grass do you need in a recipe that calls for fresh lemon grass?
You would need about a quarter of dried lemon grass by weight compared to fresh lemon grass. The problem is that dried lemon grass tends to be woody, and cannot be added whole to a recipe as you would with fresh lemon grass. The only way to get decent results is to make an extract (a very strong tea) with the dried lemon grass and use as seasoning just before serving.
How long do you have to return a used car in Ohio?
You do not have a period of time to return a used car in Ohio. You are stuck with your car unless it is a lemon situation on the lemon law. Then you have to proof that the dealer would not work with you to fix the problem.
Is the 2.7 Chrysler engine a lemon?
YES unfortunatly ,Chrysler failed to produce a reliable engine due to oil sludge problem, water pump problem and timming chain problem. Buy a 3.2 or a 3.5 instead
What celebrities have Lemon in their name?
Meadowlark Lemon, Jack Lemmon, Don Lemon, Bob Lemon, Chet Lemon, and Cleo Lemon are all names of celebrities.
What states require car dealerships to honor lemon laws?
Lemon Law statutes vary by state. The following link will bring you to a Website that allows you to view Lemon Law statutes by state, for all 50 states.: http://www.lemonlawamerica.com/west-virginia-lemon-law-statutes.htm The criteria is different for each state but all states have a lemon law. Depending on the type of problem and severity of the consequences. Commercial vehicles do not always fall under the lemon law protection. A good website to get more information is http://www.carlemon.com/lemons.html
What are you entitled to if you bought a new car in Ohio and two days later it has major problems?
Lemon law? If it is a reputable dealer should have no problem
Does lemon Ajax contain lemon zest or lemon juice?
No, most cleaners use lemon oil which is the substance in lemon zest.
The problem and solution in the book of the treasures of lemon brown?
"The Treasure of Lemon Brown" by Walter Dean Myers is about a young boy named Greg who learns valuable life lessons from Lemon Brown, an elderly man he meets in an abandoned building. Lemon Brown's treasure is not material possessions but his memories, specifically the blues harmonica and newspaper clippings that remind him of his past as a musician. The problem in the story is Greg's strained relationship with his father and his struggle with feeling unappreciated. The solution comes when Lemon Brown shares his story and teaches Greg the importance of valuing family and heritage over material wealth. This helps Greg gain a new perspective on his own life and repair his relationship with his father.
How do you get your money back after purching a car start having problem?
You may not be able to. If your car is under warranty, then they'll be obliged to try to correct the problem(s) the vehicle is having. One thing you need to look into is whether or not your state has a "lemon law", and, if it does, whether or not your situation fits the criteria described in the "lemon law". If it does, then you'll have legal options open to you.
