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:

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The difference between the minimum price a producer is willing to accept and the price they actually receive is called seller surplus. This is because the surplus benefits the seller or producer, as they are receiving more than they were willing to accept. Market surplus refers to the overall surplus in the market, which includes both buyer and seller surplus. Market shortage refers to the situation where the quantity demanded exceeds the quantity supplied, resulting in a shortage of the product. Buyer surplus refers to the difference between the maximum price a buyer is willing to pay and the actual price they pay, benefiting the buyer.

The Difference Between the Minimum Price the Producer Is Willing