161) Producer surplus is the area

below the supply curve and above the price

below the demand curve and above the supply curve

above the demand curve and below the price

above the supply curve and below the price

Answer is:

above the supply curve and below the price

total surplus is maximized

the value placed on the last unit of production by buyers exceeds the cost of production

producer surplus is maximized

the cost of production on the last unit produced exceeds the value placed on it by buyers

Answer is:

the value placed on the last unit of production by buyers exceeds the cost of production

the cost of production on the last unit produced exceeds the value placed on it by buyers

consumer surplus is maximized

total surplus is maximized

Answer is:

none of these answers

the minimum amount the seller is willing to accept for a good

the seller’s producer surplus

the maximum amount the seller is willing to accept for a good

Answer is:

above the supply curve and below the price

below the demand curve and above the price

below the demand curve and above the supply curve

below the supply curve and above the price

Answer is: