The difference between the actual price that a producer receives and the minimum acceptable price the producer is willing to take is called the producer
A) revenues.
B) surplus.
C) costs.
D) utility.

Question

Quizplus · Accepted Answer

The difference between the actual price and the minimum acceptable price is called producer surplus. It is the amount that the producer earns above and beyond their costs of production, and represents the benefit or profit that they receive from selling their goods or services. The other options are not correct: revenues are the total amount of money that a producer earns from selling their output, costs are the expenses associated with production, and utility is a measure of the satisfaction or happiness that consumers receive from consuming a good or service.

The Difference Between the Actual Price That a Producer Receives