Consumer & Producer Supply

Question 1

What does the marginal benefit curve equal

Answer 1

the demand curve

Question 2

surplus benifits

Answer 2

the economic benefit of consuming a good to the benefit of what you would have paid

Question 3

consumer surplus

Answer 3

the difference between what consumers are willing to pay and what they actually pay

Question 4

what does the supply curve show

Answer 4

marginal cost

Question 5

producer surplus

Answer 5

difference between what producers are willing to sell for what they actually sell for