Describe how the following facts represent solutions to problems of asymmetric information.
a. Auto insurance rates are higher for teenagers than for nonteenagers.
b. Your car insurance coverage probably includes a deductible-an amount that you have to pay out-of-pocket before your insurance coverage kicks in.
c. Many states have laws like Virginia's that give customers the right to keep or inspect parts that are removed by an auto mechanic.
d. For many couples, weddings are lavish affairs that cost tens of thousands of dollars and are attended by hundreds of guests.