Question

The sales function has changed in recent years due to the internet which allows buyers to acquire and interpret this type of information prior to the selling interaction.

A. imperfect information

B. substantive information

C. perfect information

D. insider information

Answer 1

Imperfect information refers to the situation where buyers and/or sellers do not have all the necessary information to make an informed decision about the product's price or quality. The internet has changed the sales function by allowing buyers to acquire and interpret information prior to the selling interaction.

Step-by-step explanation:

Imperfect information refers to the situation where buyers and/or sellers do not have all the necessary information to make an informed decision about the product's price or quality. It means that the buyers and/or sellers lack the complete information they need. The advent of the internet has changed the sales function by allowing buyers to acquire and interpret information prior to the selling interaction. This enables them to have more information and reduce the level of imperfect information.