Econ 101 - Principles of Macroeconomics » Fall 2021 » Homework Chapter 7

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Question #1
Identify whether each of the following statements best illustrates the concept of consumer surplus, producer surplus, or neither. Even though I was willing to pay up to $36 for a jersey sweater, I bought a jersey sweater for only $31.
A.   producer surplus
B.   neither
C.   consumer surplus
Question #2
Identify whether each of the following statements best illustrates the concept of consumer surplus, producer surplus, or neither. I sold a used laptop for $105, even though I was willing to go as low as $100 in order to sell it.
A.   neither
B.   producer surplus
C.   consumer surplus
Question #3
Identify whether each of the following statements best illustrates the concept of consumer surplus, producer surplus, or neither. A local store was having a sale on watches, so I bought a watch for my brother.
A.   consumer surplus
B.   neither
C.   producer surplus

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