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Consider a used car market in which half the cars are good and half are bad (lemons). A rational buyer in this market should -save up and buy a new car.-offer to pay a price equal to the most she would pay for a good car.-offer to pay a price somewhere between the price she would pay for a good car and the price she would pay for a lemon.-offer to pay a price equal to the most she would pay for a lemon.
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