Which of the following is the definition of producer surplus?
a. the difference between the lowest price a firm would have been willing to accept and the price it actually receives
b. the additional cost to a firm of producing one more unit of a good or service
c. the difference between the highest price a consumer is willing to pay and the price the consumer actually pays
d. the additional benefit to a consumer from consuming one more unit of a good or service

A. the difference between the lowest price a firm would have been willing to accept and the price it actually receives.

Explanation:

Producer surplus is the measure of the welfare of the producer.

producer surplus is defined as the difference between the lowest price the company or a firm is willing to accept and the price that is received by the firm actually.

It is also shown by the graph of Price v/s Quantity. The area of this graph represents the Producer Surplus.

the act of deciding on matters of the economy. economic decision making is routinely conducted by finance ministers, economic advisors, heads of major central banks and business leaders and can have profound effects on a major economy.

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explanation: