Suppose there are three identical vases available to... - Solved MCQs & Answer

2464EconomicsMedium

Suppose there are three identical vases available to be purchased. Buyer 1 is willing to pay Rs30 for one, buyer 2 is willing to pay Rs25 for one, and buyer 3 is willing to pay Rs20 for one. If the price is Rs25, how many vases will be sold and what is the value of consumer surplus in this market?

AOne vase will be sold, and consumer surplus is Rs5.

BThree vases will be sold, and consumer surplus is Rs80

COne vase will be sold, and consumer surplus is Rs30.

DTwo vases will be sold, and consumer surplus is Rs5.

EThree vases will be sold, and consumer surplus is Rs0.

Correct answer

D. Two vases will be sold, and consumer surplus is Rs5.

Explanation

The correct answer is Two vases will be sold, and consumer surplus is Rs5..

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