Producer surplus is the difference between the highest price a firm is willing to accept for a product and the price it actually receives for the product

Although there are many reasons why a market can be non-competitive, the principal economic difference between a competitive and a non-competitive market is:

A. the number of firms in the market. B. the annual sales made by the largest firms in the market. C. the size of the firms in the market. D the extent to which any firm can influence the price of the product. E the presence of government intervention.

Refer to Figure 9.8. If free trade in sugar is allowed, consumer surplus will be

A) $175. B) $250. C) $30,625. D) $61,250. E) $62,500.