Business, 04.05.2021 20:20 DarlingtonQueen

Consider a market in which 1000 sellers wish to sell their cars. Of the sellers, 400 are selling good cars and 600 are selling lemons. Sellers of good cars are willing to sell their car for no less than $1500, while sellers of lemons only require $300. There are many more buyers than sellers. Each buyer is willing to pay up to $2000 for a good car and $500 for a lemon. Sellers know what kind of car they are selling, but buyers cannot tell whether a car is good or a lemon. Required:
What are equilibra in this market?

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Consider a market in which 1000 sellers wish to sell their cars. Of the sellers, 400 are selling goo...

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