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Table 7-4 For each of the three potential buyers of oranges, the table displays the willingness to pay for the first three oranges of the
Table 7-4 For each of the three potential buyers of oranges, the table displays the willingness to pay for the first three oranges of the day. Assume Allison, Bob, and Charisse are the only three buyers of oranges, and only three oranges can be supplied per day. Willingness to Pay (Dollars) First Orange Second Orange Third Orange Allison 2.00 1.50 0.75 Bob 1.50 1.00 0.60 Charisse 0.75 0.25 0.00 Refer to Table 7-4. If the market price of an orange increases from $0.80 to $1.05, then consumer surplus O a. decreases by $0.95. O b. decreases by $0.75. O c. increases by $0.75. O d. decreases by $1.00
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