If a consumer is willing to pay $100 for a used vintage record player that is a "cherry" and $30 for a used vintage record player that is a "lemon," the consumer will offer:
A. $100 for any used vintage record player even if the probability that is a "cherry" is 50 percent.
B. $30 for any used vintage record player even if the probability that it is a "lemon" is 50 percent.
C. $130 for any used vintage record player if the probability that it is a "cherry" is 50 percent.
D. $65 for any used vintage record player if the probability that it is a "lemon" is 50 percent.
Answer: D
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