Table 7-10
The only four consumers in a market have the following willingness to pay for a good:
Buyer Willingness to Pay

-Refer to Table 7-10. If there is only one unit of the good available for purchase, and if the buyers bid against each other for the right to purchase it, then the consumer surplus will be
A) $0 or slightly more.
B) $3 or slightly less.
C) $4 or slightly more.
D) $8 or slightly less.

Question

Table 7-10
The only four consumers in a market have the following willingness to pay for a good:
Buyer Willingness to Pay
 
-Refer to Table 7-10. If there is only one unit of the good available for purchase, and if the buyers bid against each other for the right to purchase it, then the consumer surplus will be
A) $0 or slightly more. 
B) $3 or slightly less. 
C) $4 or slightly more. 
D) $8 or slightly less.

Quizplus · Accepted Answer

The Answer of Table 7-10
The only four consumers in a market have the following willingness to pay for a good:
Buyer Willingness to Pay
 
-Refer to Table 7-10. If there is only one unit of the good available for purchase, and if the buyers bid against each other for the right to purchase it, then the consumer surplus will be
A) $0 or slightly more. 
B) $3 or slightly less. 
C) $4 or slightly more. 
D) $8 or slightly less.

Table 7-10 The Only Four Consumers in a Market Have the Following