Economics: Consumer & Producer Surplus Flashcards
1
Q
If I’m willing to pay $800 for a left-handed bicycle, but I buy it at a price of only $600, then I have a consumer surplus of…
A
800-600=200
2
Q
If the minimum price Left Lane is willing to accept for a left-handed bowling ball is $45, but sells it for a price of $70, then Left Lane gets a producer surplus of…
A
70-45=25
3
Q
A
