4.1.5.11 - Consumer and Producer Surplus

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4 Terms

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Consumer Surplus

The difference between the price a consumer is willing and able to pay and the actual price paid (equilibrium price).

<p>The difference between the price a consumer is willing and able to pay and the actual price paid (equilibrium price).</p>
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Producer Surplus

The difference between the price a supplier is willing and able to supply the product for and the actual price received (equilibrium price).

<p>The difference between the price a supplier is willing and able to supply the product for and the actual price received (equilibrium price).</p>
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