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Identify whether each of the following statements best illustrates the concept of consumer surplus, producer surplus, or neither. Statement Consumer Surplus Producer Surplus Neither Even
Identify whether each of the following statements best illustrates the concept of consumer surplus, producer surplus, or neither. Statement Consumer Surplus Producer Surplus Neither Even though I was willing to pay as much as $35 for a used record, I bought a used record for just $29. Even though I would have paid up to $42 for a polaroid camera and despite the fact that the seller was willing to go as low as $38 in order to sell it, we couldn't agree to a deal because the government instituted a price ceiling of $29 on all sales of cameras. I sold a crew neck for $34, even though I was willing to accept as little as $29 in exchange for it
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