The table shows the buyers and sellers in the local market for used bicycles. Ea

ID: 1256554 • Letter: T

Question

The table shows the buyers and sellers in the local market for used bicycles. Each individual has one bicycle they are either considering buying or selling. Each individual can trade one and only one time, if at all. There will only be one price in the market, both for buying and selling. What is consumers’ surplus at this market’s equilibrium?

A. $325
B. $100
C. $200
D. $50
E. In order to be able to analyze consumers’ surplus we would need more information about the market.

MB MC Bus of bicycle Able$150 Bravo $200 Charlie $300 Doe $200 $50 $125 $400 George $200 Sellers of bicycle Pete Bob Fred

Explanation / Answer

E. In order to be able to analyze consumers’ surplus we would need more information about the market.

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The table shows the buyers and sellers in the local market for used bicycles. Ea

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Explanation / Answer

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