The next 4 questions rely on the following information. Microsoft just announced it is discontinuing production of the Xbox 360 gaming console (hoping to move customers over to the Xbox One). However, the Xbox 360 has a devoted fan base, some of which are not interested in changing their console. Hence, the product actively trades on secondary markets, such as eBay. Of course, since these products are used, some are in better working order than others. Concretely, there are 100 potential sellers of used Xboxes and 200 interested buyers. There are two conditions each console could be in: "Mint" (working perfectly) or "Buggy" (will experience some technical issues, but still be usable, after the sale). Each buyer values a Mint 1000 and a Buggy at 500. Each seller values a Mint 800 and a Buggy at 400. Finally, there are equal numbers of Mint and Buggy consoles among the 100 sellers. 4. Suppose no one (neither buyer nor seller) can tell which machines are Mint and which are Buggy at this point in time (so, for example, a seller's value for any given console is 0.5 x 800 + 0.5 x 400 = 600). If the secondary market operates competitively, what will be the price of used console? (a) 750 (b) 700 (c) 650 (d) 600