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

Question 77

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Scenario: An ancient painting is being auctioned off in an English auction. The following table shows the maximum willingness to pay of each bidder.
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 ________. A) $450 B) $50 C) $150 D) $100
-Refer to the scenario above.The winner of this auction will earn a consumer surplus of ________.


A) $450
B) $50
C) $150
D) $100

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