teak and chicken are substitutesFor 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 Willingness to Pay (Dollars) Second Orange Willingness to Pay (Dollars) 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 a. decreases by $0.95. b. decreases by $0.75. c. increases by $0.75. d. decreases by $1.00.. A sharp reduction in the supply of steak would a. decrease consumer surplus in the market for steak and increase producer surplus in the market for chicken. b. increase consumer surplus in the market for steak and increase producer surplus in the market for chicken. c. increase consumer surplus in the market for steak and decrease producer surplus in the market for chicken. d. decrease consumer surplus in the market for steak and decrease producer surplus in the market for chicken