Producer surplus is the:
a. number of producers who are excluded from a market because of scarcity.
b. amount of a good that a producers will sell at a price below the equilibrium price.
c. amount consumers actually pay for a good minus the amount the sellers are willing to sell the good.
d. amount consumers are willing to pay for a good minus the cost of producing the good.
Question 2
Consumer surplus:
a. is minimized in market equilibrium.
b. measures the value between the actual selling price of a product and the price at which sellers are willing to sell the product.
c. measures the value between the price consumers are willing to pay for a product and the price they actually pay.
d. measures the price at which sellers extract excess profits from consumers.
Part A - Calculating the expected number of each phenotype
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