Answer:
the difference between the price of a product and what consumers were willing to pay for the product.
Explanation:
Consumer surplus is the difference between the willingness to pay of a consumer and the price of the product.
For example, the highest amount I am willing to pay for a book is $20. The price of the book is $10. My consumer surplus is $20 - $10 = $10
Producer surplus is the difference between the least amount the seller is willing to sell his product and the price of the product.
I hope my answer helps you
Answer:
SUPPLY
LAW OF SUPPLY
Explanation:
Supply is the buyer's ability & willingness to sell at a given price, period of time.
Law of Supply states : Positive relationship between price & quantity demanded, other factors remaining constant. It implies higher price increases supply, lower price decreases supply (other factors same)
C. prototyping, does it makes sense now.