Priya purchases a refurbished professional laptop for £950. However, due to intermittent internal hardware faults that were not disclosed, she only derives £450 of utility from it during the three years that she owns it. What is likely to have occurred at the point of purchase to cause this?
Moral hazard
Information failure
Negative externalities of consumption
Opportunity cost
11 exam-style questions on OCR A Level Economics Information failure. Each one has a worked solution and a mark scheme showing where the marks go.