Producer surplus is:
A. the difference between the highest market price consumers are willing to pay for a product and the minimum amount producers are willing to accept for that product.
B. the difference between the market price consumers are willing to pay for a product and the actual price they pay.
C. the price a producer receives for a product minus the marginal cost of production.
D. the economic profit earned from the sale of a good, minus its marginal cost of production.
Answer: C
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