Suppose that a customer's willingness-to-pay for a product is $1,480, and the seller's willingness-to-sell is $1,210. If the negotiated price is $1,300

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Consumer surplus is the difference between what a consumer is willing to pay and what they actually pay. Here, it's $1,480 - $1,300 = $180. Producer surplus is the difference between the selling price and the seller's willingness to sell, which is $1,300 - $1,210 = $90. Therefore, consumer surplus ($180) is greater than producer surplus ($90).

Suppose That a Customer's Willingness-To-Pay for a Product Is $1,480