Problem
1. Consider a market in equilibrium. Suppose supply in this market increases. How will this affect consumer surplus? Explain.
2. You currently have a television that you want to sell. You can either pick a price and try to sell it at a yard sale or auction it off on eBay. Which method do you think will yield a higher producer surplus? Why?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.