The difference between the actual price that a producer receives and the minimum acceptable price the producer is willing to accept is called the producer:
A) Revenues
B) Surplus
C) Costs
D) Utility

Question

Quizplus · Accepted Answer

The difference between the actual price received and the minimum acceptable price is called producer surplus. It represents the benefit received by the producer from selling a good or service at a price that is higher than the cost of production.

The Difference Between the Actual Price That a Producer Receives