Producer surplus is the difference between the
A) price and the willingness to pay for the good.
B) price and the marginal cost of producing the good summed over the quantity sold.
C) willingness to pay for the good and the marginal cost of producing the good summed over the quantity sold.
D) marginal benefit of consuming the good and the marginal cost of producing the good summed over the quantity sold.
Question 2
In the figure above, originally the apartment rental market is in short-run and long-run equilibrium with a rent of 600 per month. Then the government imposes a rent ceiling of 500 per month. The loss of producer surplus
A) is smaller than the gain in consumer surplus.
B) is larger than the gain in consumer surplus.
C) is the same size as the gain in consumer surplus.
D) could be smaller than, larger than, or the same size as the gain in consumer surplus.
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