Business, 07.05.2021 16:50 nickonicyetlan

Chrono24 hosts a marketplace for used watches. The site has 100 potential buyers of a used Rolex and 100 potential sellers. Buyers value a valid used Rolex at $2000, and value knock-off used Rolexes at $500. There are 3 types of sellers: 20 of them are selling knock-off Rolexes and will sell at any price above $300, 40 of them are selling valid used Rolexes and will sell at any price above $1300, and 40 of them are selling valid Rolexes and will sell at any price above $1800. Buyers cannot differentiate between sellers of valid used Rolexes and sellers of knock-offs. If potential sellers only offer their watches for sale if the price is above their value of the watch, then at what price will the market for used watches stabilize

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Chrono24 hosts a marketplace for used watches. The site has 100 potential buyers of a used Rolex and...