Scenario: Suppose a competitive market has ten buyers and ten sellers. The product exchanged in this market is beach hats, which are indivisible. The following table shows the reservation values for both buyers and sellers.

-Refer to the scenario above.Suppose the equilibrium price in this market is $10.What is the amount of consumer surplus in this market?
A) $6
B) $12
C) $10
D) $15

Question

Scenario: Suppose a competitive market has ten buyers and ten sellers. The product exchanged in this market is beach hats, which are indivisible. The following table shows the reservation values for both buyers and sellers.
 
-Refer to the scenario above.Suppose the equilibrium price in this market is $10.What is the amount of consumer surplus in this market?
A) $6 
B) $12 
C) $10 
D) $15

Quizplus · Accepted Answer

The Answer of Scenario: Suppose a competitive market has ten buyers and ten sellers. The product exchanged in this market is beach hats, which are indivisible. The following table shows the reservation values for both buyers and sellers.
 
-Refer to the scenario above.Suppose the equilibrium price in this market is $10.What is the amount of consumer surplus in this market?
A) $6 
B) $12 
C) $10 
D) $15

Scenario: Suppose a Competitive Market Has Ten Buyers and Ten