Bae is willing to pay up to 160 for a particular pair of boots She can buy the boots for 120 The marginal cost of producing the

Question

Bae is willing to pay up to 160 for a particular pair of boots She can buy the boots for 120 The marginal cost of producing the boots is 70 Which of these is TRUE regarding the economic surplus associated with her purchase of the boots Consumer surplus is 90 and producer surplus is 120 Consumer surplus and producer surplus are the same Consumer surplus is 50 and producer surplus is 40 Consumer surplus is 40 and producer surplus is 50

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