Producer surplus is the difference between: 0 O O 0 the maximum price a seller i

Question

Producer surplus is the difference between: 0 O O 0 the maximum price a seller is willing to accept and the market price the market price and the minimum price a seller is willing to accept. the market price and the minimum price a buyer is willing to pay. the maximum price a buyer is willing to pay and the market price. Producer surplus is shown graphically as the area: O O O O above the supply curve and below the market price. under the demand curve and above the market price. under the demand curve and below the market price. above the supply curve and above the market price. O Previous f? Up

Explanation / Answer

Producer surplus is the difference between:

Answer: the market price and the minimum price a seller is willing to accept.

Producer surplus is shown graphically as the area:

Answer: above the supply curve and below the market price.

Consumer surplus is equal to the difference between:

Answer: the maximum price a buyer is willing to pay and the market price.

Consumer surplus is shown graphically as the area:

Answer: under the demand curve and above the market price.

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