Question

The exhaust system on your 1986 Escort needs to be replaced, and you suspect that the price of a new exhaust system is the same as what you would get if you tried to sell the car. If you know that the car is otherwise okay, what relevance does Akerlof’s model of lemons have to your decision about whether to purchase a new exhaust system?



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  • CreatedDecember 12, 2014
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