2.4 CONSUMER & PRODUCER SURPLUS Flashcards

1
Q

what’s consumer surplus

A

the difference between the price a consumer is willing to pay for a product and the price they actually pay

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

what is producer surplus

A

the difference between the price a producer is willing to supply a product at and the price actually received for the product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly