In the market for used cars, half of the cars are of good quality and would sell for $10,000, while half of the cars are of poor quality and would sell for $6,000. If a buyer possessed no information about the quality of the car she was considering, what would she be willing to pay for it?

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The Answer of In the market for used cars, half of the cars are of good quality and would sell for $10,000, while half of the cars are of poor quality and would sell for $6,000. If a buyer possessed no information about the quality of the car she was considering, what would she be willing to pay for it?

In the Market for Used Cars, Half of the Cars