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Concept Question 3.7 Question Help Suppose that there is asymmetric information in the market for used cars; sellers know the quality of the car that

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Concept Question 3.7 Question Help Suppose that there is asymmetric information in the market for used cars; sellers know the quality of the car that they are selling, but buyers do not. Buyers know that there is a 30% chance of getting a "lemon", a low quality used car. A high quality used car is worth $20,000, and a low quality used car is worth $10,000. Based on this probability, the most that a buyer would be willing to pay for a used car is $ (Enter your response rounded to the nearest dollar.)

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