Suppose there are three buyers (A, B, and C) in a competitive market with the marginal benefit (MB) schedules like those shown in the table below. Calculate the consumer surplus using the market demand curve. Assume that the market price is $10. Show that you get the same answer by adding the consumer surplus for all three buyers. How much does consumer surplus increase for the market as a whole and for each individual when the market price falls to $8?

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The Answer of Suppose there are three buyers (A, B, and C) in a competitive market with the marginal benefit (MB) schedules like those shown in the table below. Calculate the consumer surplus using the market demand curve. Assume that the market price is $10. Show that you get the same answer by adding the consumer surplus for all three buyers. How much does consumer surplus increase for the market as a whole and for each individual when the market price falls to $8?

Suppose There Are Three Buyers (A, B, and C) in a Competitive