In equilibrium in a mixed market:
◦ the percent of low quality goods on the market equals the buyers' estimate of the percent of low quality goods on the market.
◦ all low quality goods have been driven out of the market.
◦ the percent of low quality goods on the market equals the sellers' estimate of the percent of low quality goods on the market.
◦ 50% of the goods on the market are low quality and 50% are high quality.