Problem
The world's largest tulip and flower market Every day over 19 million tulips and flowers are auctioned at the Dutch market called "The Bloemenveiling." These Dutch auctions match buyers and sellers.
In a Dutch auction, the auctioneer announces the highest price. If no one offers to buy the flowers, the auctioneer lowers the price until a buyer is found.
How does a Dutch flower auction influence consumer surplus and producer surplus? Are the flower auctions at the Bloemenveiling efficient?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.