The market for used cell phones is very popular in Barylia. However, several phones available in this market are of inferior quality and it is often impossible to differentiate between a good-quality phone and a poor-quality phone.
Refer to the scenario above. Based on the given information, we can conclude that the market for used cell phones in Barylia:
is perfectly competitive.
has asymmetric information.
has only one seller.
is monopolistically competitive.
has asymmetric information.
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