Answer:
D. one person in a transaction has more information than the other.
Explanation:
Asymmetric information
It is also referred to as the information failure , it occurs when one of the party during an economic transaction has more material knowledge than the other party .
For example,
When the seller of the goods and service have more knowledge than the buyer , but the reverse can also be true , i.e. , the buyer having more knowledge .
In most of the economic transaction , the information asymmetries are observed .
