Under the structure of the Smith and Plott experiment, the payoff to a seller is the ___________ surplus on the units sold.

Question

Quizplus · Accepted Answer

The payoff to a seller in the Smith and Plott experiment is the producer surplus on the units sold. Therefore, the best choice is C, as this is the only option that matches the correct type of surplus. A refers to the surplus received by consumers, while B refers to the price and quantity where supply and demand intersect.

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