Amanda buys a ruby for $330 for which she was willing to pay $340. The minimum acceptable price to the seller, Tony, was $190. Amanda experiences Multiple Choice A. a consumer surplus of $10, and Tony experiences a consumer surplus of $150. B. a producer surplus of $200, and Tony experiences a consumer surplus of $10. C. a producer surplus of $10, and Tony experiences a consumer surplus of $190. D. a consumer surplus of $670, and Tony experiences a producer surplus of $200. E. a consumer surplus of $10, and Tony experiences a producer surplus of $140..
Amanda buys a ruby for $330 for which she was willing to pay $340. The minimum acceptable price to the seller, Tony, was $190. Amanda experiences Multiple Choice A. a consumer surplus of $10, and Tony experiences a consumer surplus of $150. B. a producer surplus of $200, and Tony experiences a consumer surplus of $10. C. a producer surplus of $10, and Tony experiences a consumer surplus of $190. D. a consumer surplus of $670, and Tony experiences a producer surplus of $200. E. a consumer surplus of $10, and Tony experiences a producer surplus of $140..
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter7: Consumers, Producers, And The Efficiency Of Markets
Section: Chapter Questions
Problem 1PA
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Question
Amanda buys a ruby for $330 for which she was willing to pay $340. The minimum acceptable price to the seller, Tony, was $190. Amanda experiences
Multiple Choice
A. a
B. a
C. a producer surplus of $10, and Tony experiences a consumer surplus of $190.
D. a consumer surplus of $670, and Tony experiences a producer surplus of $200.
E. a consumer surplus of $10, and Tony experiences a producer surplus of $140..
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