Answer
a
Work Step by Step
In the given case the consumer surplus is 20$ more than producer surplus.
Producer Surplus= Amount actually received - Seller's value of her time.
Consumer Surplus: Amount willing to pay- Amount actually paid
Principles of Microeconomics, 7th Edition
by Mankiw, N. Gregory
Published by
South-Western College
ISBN 10:
128516590X
ISBN 13:
978-1-28516-590-5
Chapter 7 - Part III - Consumers, Producers, and the Efficiency of Markets - Quick Check Multiple Choice - Page 151: 1
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