Consumer and producer surplus

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4 Terms

1
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What is consumer surplus?

The difference between the price produces are willing to supply a good for and the actual market price

<p>The difference between the price produces are willing to supply a good for and the actual market price </p>
2
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What is producer surplus?

The difference between the price producers are willing to supply a good for and the actual market price.

<p>The difference between the price producers are willing to supply a good for and the actual market price.</p>
3
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What are the changes in consumer and producer surplus if demand increases?

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4
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What are the changes in consumer and producer surplus if supply increases?

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