What is the difference between the price the seller receives for a good or service and the minimum price he would be willing to accept for that unit called?

Question

Quizplus · Accepted Answer

The difference between the price a seller receives and the minimum price they would be willing to accept is the gain in producer surplus, which represents the benefit the seller derives from the exchange. Excess supply refers to the situation where the quantity supplied exceeds the quantity demanded at a given price, while the total gains from trading that unit includes both the gain in producer and consumer surplus. The gain in consumer surplus refers to the benefit consumers derive from paying a price that is lower than the maximum they would have been willing to pay for the good or service.

What Is the Difference Between the Price the Seller Receives