The difference between the minimum price the producer is willing to accept and the price the producer actually receives for a product is referred to as:

Question

The difference between the minimum price the producer is willing to accept and the price the producer actually receives for a product is referred to as:​

Quizplus · Accepted Answer

Producer surplus is the difference between the minimum amount that a producer is willing to accept for a product or service and the actual market price they receive. It represents the producer's benefit from participating in a market transaction.

The Difference Between the Minimum Price the Producer Is Willing