Harry pays only $15 000 to purchase a new car that he would have been willing to pay as much as $25 000 for. What would an economist say about this situation? The seller of the car earned a $15 000 consumer surplus on the sale of the car. Harry reaped $10 000 of consumer surplus from the transaction. Harry reaped $15 000 of consumer surplus from the transaction. The seller earned a $10 000 profit on the sale of the car.
Harry pays only $15 000 to purchase a new car that he would have been willing to pay as much as $25 000 for. What would an economist say about this situation? The seller of the car earned a $15 000 consumer surplus on the sale of the car. Harry reaped $10 000 of consumer surplus from the transaction. Harry reaped $15 000 of consumer surplus from the transaction. The seller earned a $10 000 profit on the sale of the car.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Harry pays only $15 000 to purchase a new car that he would have been willing to pay as much as $25 000 for. What
would an economist say about this situation?
The seller of the car earned a $15 000 consumer surplus on the sale of the car.
Harry reaped $10 000 of consumer surplus from the transaction.
Harry reaped $15 000 of consumer surplus from the transaction.
The seller earned a $10 000 profit on the sale of the car.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa01e3092-4f90-497f-a1ae-a475dc2c021c%2F1159c449-0919-4ecd-941c-3b62595cbb06%2Fwkbwjxvi_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Harry pays only $15 000 to purchase a new car that he would have been willing to pay as much as $25 000 for. What
would an economist say about this situation?
The seller of the car earned a $15 000 consumer surplus on the sale of the car.
Harry reaped $10 000 of consumer surplus from the transaction.
Harry reaped $15 000 of consumer surplus from the transaction.
The seller earned a $10 000 profit on the sale of the car.
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