Question: What do you think would happen if an exchange started trading a contract in which the quality of the underlying asset was incompletely specified? 1

What do you think would happen if an exchange started trading a contract in which the quality of the underlying asset was incompletely specified?
1. The contract would not be a success
2. Sellers would deliver cheapest quality assets
3. When news about poor quality becomes public information the contract would be worthless
4. All of the above

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