Producer surplus is:
a) equal to the area under the supply curve.
b) the difference between the maximum price consumers are willing to pay and the minimum price producers are willing to accept.
c) the total amount paid for the good.
d) the price received for a good minus its marginal cost, summed over the quantity sold.
e) equal to the opportunity cost of production.
Ans: d) the price received for a good minus its marginal cost, summed over the quantity sold.
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