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10-10-2019
Business

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

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porteramy25 porteramy25

10-10-2019

Answer:

The amount of vases that would be sold would be 2 and the value of consumer surplus in this market would be $5.

Explanation:

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