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Determine the amount of producer surplus generated in the following situation: Cynthia lists her acoustic guitar on eBay. She sets a minimum acceptable price, known
Determine the amount of producer surplus generated in the following situation: Cynthialists her acoustic guitar on eBay. She sets a minimum acceptable price, known as her reserve price, of $250. After 7 days of bidding, the final high bid is exactly $250. She accepts the bid.
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