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There are four potential suppliers of haircuts: John, Sidney, Susan, and Dan are each willing to provide one haircut. Their respective opportunity costs are: $4,

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There are four potential suppliers of haircuts: John, Sidney, Susan, and Dan are each willing to provide one haircut. Their respective opportunity costs are: $4, $8, $12, and $16. There are four potential consumers of haircuts: Cheng, Wendy, Trevor, and Chris are each willing to purchase one haircut. Their respective willingness to pay are: $20, $16, $12, and $8. In a competitive equilibrium, the consumer surplus will be O $12 O $16 O $8 O $24 O none of the above

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