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04-10-2019
Social Studies

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Which of the following is the definition of producer surplus?
A. the difference between the lowest price a firm would have been willing to accept and the price it actually receives
B. the additional cost to a firm of producing one more unit of a good or service
C. the difference between the highest price a consumer is willing to pay and the price the consumer actually pays
D. the additional benefit to a consumer from consuming one more unit of a good or service

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ExieFansler ExieFansler

07-10-2019

Answer:

A. the difference between the lowest price a firm would have been willing to accept and the price it actually receives.

Explanation:

Producer surplus is the measure of the welfare of the producer.

producer surplus is defined as the difference between the lowest price the company or a firm is willing to accept and the price that is received by the firm actually.

It is also shown by the graph of Price v/s Quantity. The area of this graph represents the Producer Surplus.

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