Question: A study estimates that the total consumer surplus gained by people participating in auctions on eBay in a year was $7 billion. Is it likely

A study estimates that the total consumer surplus gained by people participating in auctions on eBay in a year was $7 billion. Is it likely that the total consumer surplus for the items bought in these auctions was higher or lower than it would have been if consumers had purchased these items for fixed prices in retail stores?

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