minimum amount they are willing to pay for a good.

producer surplus

consumer surplus

maximum amount they are willing to pay for a good

Rs. 18,000

Rs. 20,000

Rs. 2,000

Rs. 38,000

improves the material welfare of the buyers

decreases consumer surplus

improves market efficiency

increases consumer surplus

Three vases will be sold and consumer surplus is Rs.80.

One vase will be sold and consumer surplus is Rs.5

Three vases will be sold and consumer surplus is Rs.0

Two vases will be sold and consumer surplus is Rs.5

below the supply curve and above the price

below the demand curve and above the supply curve

above the demand curve and below the price

above the supply curve and below the price