Surpluses Flashcards

1
Q

What is consumer surplus?

A

The difference between the price a consumer is willing to pay for a product and the market price

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 supplier is willing to supply and the market price

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