A study estimates that total consumer surplus to people participating in auctions on eBay in a recent 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 the items had been purchased for fixed prices in retail$$ stores?

$$Source: Ravi$$ Bapna, Wolfgang$$ Jank, and Galit$$ Shmueli, "Consumer Surplus in Online$$ Auctions," Information Systems Research$,$ Vol.$19,$ No$.4,$ December$2008,$ pp$.400-416.$

Part $2$

Compared to what consumer surplus would have been if the eBay items had been purchased for fixed prices in retail$$ stores, consumer surplus from eBay auctions was likely

Part $3$

A$.$

because the cost of selling items on eBay is typically than the cost of selling items in retail stores.

B$.$

because auctions often result in a quantity being sold than would be sold in retail stores.

C$.$

higher because auction bids often equal the value of the item to each bidder.

D$.$

because the profit from selling an item at auction is typically than the profit from selling in a retail store.

E$.$

lower because the bids of auction winners are often higher than the retail prices paid by all consumers.