Suppose, there are three identical vases available to be purchased. Buyer 1 is willing to pay Rs. 30….

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Suppose, there are three identical vases available to be purchased. Buyer 1 is willing to pay Rs. 30 for one, buyer 2 is willing to pay Rs. 25 for one and buyer 3 is willing to pay Rs. 20 for one. If the price is Rs. 25, then how many vases will be sold and what is the value of consumer surplus in this market?

Options :-

1. Three vases will be sold and consumer surplus is Rs. 80
2. One vase will be sold and consumer surplus is Rs. 5
3. One vase will be sold and consumer surplus is Rs. 30
4. Two vases will be sold and consumer surplus is Rs. 5

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