Under the structure of the Smith and Plott experiment, the payoff to a buyer is the ___________ surplus on the units she or he purchases.

Question

Quizplus · Accepted Answer

The Smith and Plott experiment focuses on exchange between buyers and sellers in a market setting, and the payoff to a buyer is the consumer surplus they receive from purchasing units at a lower price than their willingness to pay. Therefore, the correct choice is (C) consumer.

Under the Structure of the Smith and Plott Experiment, the Payoff