Final answer:
Asymmetric information is when one party has more information about the quality of an item than the other. It can occur in various situations, such as in buyer-seller relationships.
Step-by-step explanation:
Asymmetric information refers to a situation in which either the seller or the buyer possesses more information regarding the quality of the item being sold. In this case, it means that one party has more knowledge about the satisfaction level of the product than the other.