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Producer surplus is the difference between: a
Producer surplus is the difference between:
a. the quantity supplied and the quantity demanded at an above equilibrium price
b. the minimum price producers are willing to accept for a product and the higher equilibrium price
c. the maximum price consumers are willing to pay for a product and the maximum price producers are willing to accept
d. the maximum price consumers are willing to pay for a product and the lower equilibrium price
Expert Solution
Producer surplus has something to do with the willingness of the suppliers or producers to accept a minimum price with the price that they are willing to supply the goods in the market. Therefore, the correct option is b. the minimum price producers are willing to accept for a product and the higher equilibrium price.
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