Graphically, the area that represents the difference between the market price and the minimum price required to induce suppliers to produce a good is called
A) consumer surplus.
B) producer surplus.
C) marginal cost.
D) triangular arbitrage.

Question

Quizplus · Accepted Answer

Producer surplus is the area that represents the difference between the market price and the minimum price required to induce suppliers to produce a good.

Graphically, the Area That Represents the Difference Between the Market