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In equilibrium, there will be a car of marginal quality such that all cars bette...
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In equilibrium, there will be a car of marginal quality such that all cars better than this car will be appraised and all cars worse than this car will be sold without being appraised. The owner of this car will be just indifferent between selling his car unappraised and having it appraised. What will be the value of this marginal car?
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