Final answer:
Imperfect information makes it difficult for a buyer and seller to agree on a price.
Step-by-step explanation:
When there is imperfect information, it can be difficult for a buyer and seller to agree on a price. This is because one party may have more information about the quality of the item being sold than the other. For example, if a seller knows that a car has mechanical issues but does not disclose them to the buyer, the buyer may be willing to pay more for the car than it is actually worth. In this scenario, the buyer and seller are operating with asymmetric information, which makes it challenging for them to reach a mutually agreeable price.