Producer surplus measures the benefits to sellers of part…

Producer surplus measures the benefits to sellers of participating in a market costs to sellers of participating in a market price that buyers are willing to pay for sellers’ output of a good or service benefit to sellers of producing a greater quantity of a good or service than buyers demand

Consumer surplus is the amount of a good that a consumer…

Consumer surplus is the amount of a good that a consumer can buy at a price below equilibrium price is the amount a consumer is willing to pay minus the amount the consumer actually pays is the number of consumers who are excluded from a market because of scarcity measures how much a seller values a good