$\begin{array}{cccc}
\hline \text { Markets } & \begin{array}{l}
\text { Plums high quality) }
\end{array} & \begin{array}{l}
\text { Lemons low quality) } \
\text { Supplied }
\end{array} & \begin{array}{c}
\text { \% Buyers Believe are } \
\text { Lemons low quality) }
\end{array} \
\hline 1 & 2 & 20 & 80 \% \
2 & 4 & 16 & 80 \% \
3 & 6 & 12 & 50 \%\
\hline
\end{array}$ Table 9.4
-In Table 9.4, market 3 would be in equilibrium if buyers believed plums accounted for:
A)11.11% of the market.
B)22.22% of the market.
C)33.33% of the market.
D)66.67% of the market.

Question

$\begin{array}{cccc}
\hline \text { Markets } & \begin{array}{l}
\text { Plums high quality) }
\end{array} & \begin{array}{l}
\text { Lemons low quality) } \
\text { Supplied }
\end{array} & \begin{array}{c}
\text { \% Buyers Believe are } \
\text { Lemons low quality) }
\end{array} \
\hline 1 & 2 & 20 & 80 \% \
2 & 4 & 16 & 80 \% \
3 & 6 & 12 & 50 \%\
\hline  
\end{array}$  Table 9.4
-In Table 9.4, market 3 would be in equilibrium if buyers believed plums accounted for:
A)11.11% of the market.
B)22.22% of the market.
C)33.33% of the market.
D)66.67% of the market.

Quizplus · Accepted Answer

In market 3, there are 6 plums and 12 lemons, making a total of 18 goods. For the market to be in equilibrium, the percentage of plums should match the actual proportion of plums in the market. The proportion of plums is $ \frac{6}{18} \times 100 = 33.33\% $.

Table 94 -In Table 9

Table 94
-In Table 9