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Consider a market for second-hand phones

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Consider a market for second-hand phones. Suppose 40% of the phones are bad and 60% are good. Good phones cost the seller $300 to supply and are worth $400 to consumers, whereas bad phones that cost the seller $150 but are worth only $100 to the buyer. How would the market function if there were no informational asymmetries? If consumers can't determine the quality of the phones, what would you predict would happen and why?

Reference no: EM132401822

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