The total producer surplus in the Wisconsin milk market is:
A) the sum of the individual producer surpluses in this market.
B) the sum of all prices paid multiplied by the number of gallons of milk sold.
C) the total revenue of the milk producers in Wisconsin.
D) the total cost of selling milk in Wisconsin.

Question

Quizplus · Accepted Answer

Producer surplus is the difference between what producers are willing to accept for a good versus what they actually receive, summed across all producers.

The Total Producer Surplus in the Wisconsin Milk Market Is