Q. The minimum price at which I was willing to sell my old TV was Rs 37,000. I quoted Rs 50,000 while selling it, but it sold for Rs 42,000. This transaction generated _____.
A) Rs 8000 worth of consumer surplus
B) Rs 5000 worth of consumer surplus
C) Rs 8000 worth of producer surplus
D) Rs 5000 worth of producer surplus
✔ Correct Answer: Rs 5000 worth of producer surplus
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