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1. Equilibria in the market for lemons. Consider the product market model of Akerlof (1970). The market is populated by a contimmm of sellers. Each

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1. Equilibria in the market for lemons. Consider the product market model of Akerlof (1970). The market is populated by a contimmm of sellers. Each seller is endowed with a unit of the good. If the quality of his good is # [0, 1], the seller gets utility v(#) # from consuming the good and utility p from selling the good at the price p. The fraction of sellers endowed with a good of quality 8

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