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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