Which of the following statements best describes the concept of producer surplus?
“A store at a local shopping mall was having a sale on running shoes, so I bought a pair.”
“Even though I was willing to pay up to $90 for a pair of running shoes, I bought a pair for only $60.”
“I sold a digital camera for $100 even though I was willing to go as low as $70 in order to sell it.”
“I paid $300 for an airline ticket last week. This week the same airline is selling the same ticket for $280.”