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Match the Definition
Consumer Surplus
Producer Surplus
The difference between the amount that buyers would be willing and able to pay for a good and the actual amount the buyer pays
The difference between the minimum amount that producers would be willing sell their products for and the actual amount they receive (decrease, increase) in the market price results in an increase in consumer surplus and a decrease in producer surplus. (decrease, increase) in the market price results in an increase in producer surplus and a decrease in consumer surplus.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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