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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 I
Identify whether each of the following statements best illustrates the concept of consumer surplus, producer surplus, or neither.
Statement | Consumer Surplus | Producer Surplus | Neither | |
---|---|---|---|---|
I sold a used textbook for $48, even though I was willing to go as low as $40 in order to sell it. | ||||
Even though I was willing to pay up to $76 for a watch, I bought a watch for only $68. | ||||
I paid $54 for a jersey sweater last week. This week, the same store is selling sweaters for $47. |
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