Scenario: The table below lists the willingness to pay for ten potential buyers of a Walter Payton rookie card and the willingness to accept for ten potential sellers of the card. (Walter Payton was a running back for the NFL's Chicago Bears from 1985 to 1987 and was elected into the NFL's Hall of Fame in 1993.) The graph below the table can be used to display the demand and supply schedules.

-Refer to the scenario above.Assuming a market price of $140 per card,producer surplus in this market is ________.
A) $100
B) $125
C) $150
D) $250

Question

Scenario: The table below lists the willingness to pay for ten potential buyers of a Walter Payton rookie card and the willingness to accept for ten potential sellers of the card. (Walter Payton was a running back for the NFL's Chicago Bears from 1985 to 1987 and was elected into the NFL's Hall of Fame in 1993.) The graph below the table can be used to display the demand and supply schedules.

-Refer to the scenario above.Assuming a market price of $140 per card,producer surplus in this market is ________.

-Refer to the scenario above.Assuming a market price of $140 per card,producer surplus in this market is ________.
A) $100 
B) $125 
C) $150 
D) $250

Quizplus · Accepted Answer

Producer surplus is the difference between the price producers receive for their goods and the minimum price they are willing to accept. In this case, the market price is $140 per card, and the minimum price producers are willing to accept is $120 per card. Therefore, producer surplus is $140 - $120 = $20 per card. Since there are 5 cards in the market, producer surplus is $20 x 5 = $100.

Scenario: the Table Below Lists the Willingness to Pay for Ten