AS Paper 1, June 2018Introduction to Markets and Market Failure
AS Paper 1, June 2018, Q3(c)
Define the term ‘asymmetric information’.
Short answerDefine1 mark
Context
In the UK charges for dental treatment vary. For example, the following charges can be made for a tooth filling: • National Health Service (NHS) dental treatment £50.50 • Private dental treatment £95–£700 A dentist can choose to offer NHS treatment, private treatment or both.