Business, 27.02.2020 23:29 Emieloy2959

Identify whether each of the following statements best illustrates the concept of consumer surplus, producer surplus, or neither.

a. I sold a used textbook for $48, even though I was willing to go as low as $40 in order to sell it.
b. I paid $54 for a jersey sweater last week. This week, the same store is selling sweaters for $47.
c. Even though I was willing to pay up to $76 for a watch, I bought a watch for only $68.

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Identify whether each of the following statements best illustrates the concept of consumer surplus,...

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