The difference between the total amount that producers would have been willing to accept for the total quantity produced in a market and what they actually received at the market clearing price is called
A) production excess.
B) excess demand.
C) market surplus.
D) producer surplus.

Question

Quizplus · Accepted Answer

Producer surplus is the difference between the market price of a good and the lowest price producers are willing to accept for producing that good. It represents the benefit to producers from participating in a market and is calculated as the area above the supply curve and below the market price.

The Difference Between the Total Amount That Producers Would Have