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 is called:

Question

Quizplus · Accepted Answer

The minimum price a seller is willing to accept for a unit is the cost of producing that unit, so the difference between the selling price and the minimum price is the gain in producer surplus. Consumer surplus refers to the difference between the maximum price a buyer is willing to pay for a unit and the actual selling price, while total surplus is the sum of consumer and producer surplus. Total gains from trading that unit is not a commonly used economic term.

The Difference Between the Price the Seller Receives for a Good