What is the value of consumer surplus in this market

Reference no: EM131098509

Suppose there are three identical vases available to be purchased. Buyer 1 is willing to pay $30 for one, buyer 2 is willing to pay $25 for one, and buyer 3 is willing to pay $20 for one. If the price is $25, how many vases will be sold and what is the value of consumer surplus in this market?

a. One vase will be sold, and consumer surplus is $30.

b. One vase will be sold, and consumer surplus is $5.

c. Two vases will be sold, and consumer surplus is $5.

d. Three vases will be sold, and consumer surplus is $0.

e. Three vases will be sold, and consumer surplus is $80:

Reference no: EM131098509

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