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Symmetric Information

For markets to work, there needs to be symmetric information i.e. consumers and producers have the same level of knowledge about the products, and they know everything there is to know about them and the effects of consuming them.

Symmetric information refers to a situation in which all parties in an economic transaction have access to the same information about the transaction. This means that all parties have an equal understanding of the risks, costs, and potential outcomes associated with the transaction.

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