Suppose you recently sold your used car. Assume that no new production was involved in this transaction.

Suppose you recently sold your used car. Assume that no new production was involved in this transaction.

Wealth was created because the value of your willingness to sell was (equal to, less than, greater than)the buyer's willingness to pay.

Suppose you sold the car for $18,000.

If the minimum price, or "bottom line," you would accept for the car is $10,000 and the most the buyer is willing to pay is $25,000, then the seller surplus is $__________ and the buyer surplus is $________. The total surplus created by the transaction is $____________