Question

Identify whether each statement in the following table best illustrates the concept of consumers' surplus, producers' surplus, or neither Consumers' Surplus Producers Surplus Statement Neither Even though I was willing to pay up to $82 for a watch, I bought a watch for only $75. I paid $54 for a jersey sweater last week. This week, the same store is selling sweaters for $52. I sold a used textbook for $48, even though I was willing to go as low as $42 in order to sellit

Answer 1

Even though I was......... Consumer surplus

I paid $ 54............ Neither

I sold a used textbook...... Producer surplus