This is asymmetric information.
Whenever one party to a transaction has access to more information than the other, this situation is referred to as having asymmetric information.
Because there is asymmetry of information in some transactions, where the vendor knows more about the product being sold than the buyer, sellers may exploit purchasers. The opposite is also sometimes true.
In terms of skilled labor, asymmetric information is viewed as a desirable result of a robust market economy, where employees specialize in one trade, become more productive, and add more value to workers in other crafts.
Therefore, the situation is of asymmetric information.
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