Producer surplus:

A. is the difference between the maximum prices consumers are willing to pay for a product
and the lower equilibrium price.
B. rises as equilibrium price falls.
C. is the difference between the minimum prices producers are willing to accept for a product
and the higher equilibrium price.
D. is the difference between the maximum prices consumers are willing to pay for a product
and the minimum prices producers are willing to accept.


Answer: C

Economics

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