Question: Attempts Average / 1 1 . Welfare analysis: Basic concepts Identify whether each of the following statements best illustrates the concept of consumer surplus, producer
Attempts Average
Welfare analysis: Basic concepts
Identify whether each of the following statements best illustrates the concept of consumer surplus, producer surplus, or neither.
Statement
Even though I was willing to pay as much as $ for a polaroid camera, I bought a polaroid camera for just $
I sold a swimsuit for $ even though I was willing to accept as little as $ in exchange for it
Even though I would have paid up to $ for a used record and despite the fact that the seller was willing to go as low as $ in order to sell it we couldn't agree to a deal because the government instituted a price ceiling of $ on all sales of records.
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