Scenario: An ancient painting is being auctioned off in an English auction. The following table shows the maximum willingness to pay of each bidder.

-Refer to the scenario above.The winner of this auction will earn a consumer surplus of ________.

Question

Scenario: An ancient painting is being auctioned off in an English auction. The following table shows the maximum willingness to pay of each bidder.
 
-Refer to the scenario above.The winner of this auction will earn a consumer surplus of ________.

Quizplus · Accepted Answer

Consumer surplus is the difference between what a consumer is willing to pay and what they actually pay. Without the specific details of the auction scenario (e.g., winning bid amount, the highest amount the winner was willing to pay), it's impossible to calculate the exact consumer surplus. However, based on the choices provided, if B is identified as the correct answer, it implies that the scenario described a situation where the winner's maximum willingness to pay exceeded the actual price paid by $50.

Scenario: an Ancient Painting Is Being Auctioned Off in an English