In Professor Vernon Smith’s experiment, which “buyers” ended up with a surplus at the market-clearing price of $2? Which “sellers” had a surplus? Which “buyers” or “sellers” did not engage in transactions? The “buyers” had marginal values for the product ranging from $3.25 to $0.75. Those with marginal values in excess of $2.00 had a consumer surplus. Those with marginal values below $2.00 did not buy the product (did not engage in a transaction). The “sellers” had marginal values ranging from $0.75 to $3.25. Those with marginal costs below $2.00 had a producer surplus. Those with marginal costs above $2.00 did not sell their product..