Lemon market: https://www.sfu.ca/~wainwrig/Econ400/akerlof.pdf
Buyers can't distinguish good work from bad, so they pay only average price and thereby drive out the high-quality sellers.
Lemon market: https://www.sfu.ca/~wainwrig/Econ400/akerlof.pdf
Buyers can't distinguish good work from bad, so they pay only average price and thereby drive out the high-quality sellers.