FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:Consider a buyer and a seller meeting to exchange a product. The seller has a minimum willing to sell ( WTS) of $39.50, while the buyer has a maximum willingness to pay ( WTP) of $87.00. If they
agree on the price ( P) of $69.80, then the total surplus is $
P
WTS
WTP
10
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50
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70
80
90
O A. 56.75
O B. 47.50
O C. 17.20
O D. 4130
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