The difference between the minimum price the producer is willing ...

[olgavictoria]

The difference between the minimum price the producer is willing to accept and the price the producer actually receives for a product is referred to as:
 a. market surplus
  b. market shortage
  c. buyer surplus
  d. seller surplus.

Question 2

For a resource to be able to generate temporary competitive advantage over rivals, it must be
 a. Valuable
 b. Rare
 c. Valuable and rare
 d. Not valuable but rare

[micaelaswann]

Answer to Question 1

d

Answer to Question 2

c