The market for a limited-edition art print is initially in equilibrium with a price of $60. After the artist wins a prestigious award, demand for the print surges, and the new market price settles at $85. The table below lists several potential buyers and their maximum willingness to pay (WTP).
| Individual | Maximum Willingness to Pay (WTP) |
|---|---|
| Sam | $100 |
| Maria | $80 |
| Leo | $70 |
| Fatima | $55 |
Which of the following statements provides the most accurate analysis of the situation for these specific individuals?
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The market for a limited-edition art print is initially in equilibrium with a price of $60. After the artist wins a prestigious award, demand for the print surges, and the new market price settles at $85. The table below lists several potential buyers and their maximum willingness to pay (WTP).
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