The difference between the value of a good to sellers and its price is known as _____

• The difference between the value of a good to sellers and its price is known as producer surplus.

The producer surplus, in economics, is a metric used to determine the welfare of suppliers. In other words, the producer surplus shows the extra benefit that producers receive when the price of the product or service is above what they would be willing to supply. The producer surplus is the area located above the supply curve and below the market price. Additionally, there is a positive correlation between prices and producer surplus. That is to say, the higher the price, the greater the producer surplus.