Figure 9.2 -Figure 9.2 Represents the Market for Used Cameras. Suppose Buyers

question 339

Multiple Choice

Figure 9.2
-Figure 9.2 represents the market for used cameras. Suppose buyers are willing to pay $125 for a plum (high-quality) used camera and $25 for a lemon (low-quality) used camera. If buyers believe that all of the used cameras in the market are lemons (low quality) , what number of used cameras sold will actually be lemons (low quality) ?

• A) 10
• B) 15
• C) 20
• D) 25

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Definitions:

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