Does this look like cherry eye?

Cherry eye is thought to be an inherited defect.
Have you called the breeder and let them know about this?
The dogs that produced this puppy should NOT be being used for breeding again.
(and of course - Your puppy needs to be spayed, since she has this defect).

Did you get any health guarantee from the breeder for these types of genetic problems? Good breeders always cover their pups for things like this. If you did get a health guarantee from the breeder, you'll have to see if they want to pay for the surgery to fix this pup's eyes, or if they prefer to have you return this puppy, and they'll replace it with a healthy (?) one.

But you need to start with a call to the breeder to see how they want to handle this. They may request you use their vet for the exam & surgery, instead of your own.

Yes. it does. This is not exactly an emergency but does need to be fixed by the vet as soon as possible. Ring them up & find out how soon they can work you in, today or this week. This is common in certain breeds, like cockers & does have a genetic basis. I would inform your breeder. Personally, I would not recommend breeding such a dog, so affected. Do watch the other eye, as it may develop cherry eye, too.

http://www.canidae.com/blog/2010/06/what-causes-cherry-eye-in-dogs-and-how-to-correct-it.html

One possible home remedy:
http://www.oldtownhome.com/2013/6/20/An-Easy-Home-Cure-Cherry-Eye-Remedy/

Your responsibility to take it and a fresh fecal specimen to a vet within 48 hours of getting it.

Should have asked the vet at that time, oh so you didn't take it? Then do so now.

No one, including a vet, can diagnose/treat your dog without examining it, least of all YA, instead of allowing the innocent pup to suffer I suggest you take it to a vet, now.