Question

The difference between the actual price that a producer receives and the minimum acceptable price the producer is willing to accept is called: costs. utility. revenues. surplus.

Answer 1

Answer: Surplus    

Explanation: Surplus or as commonly referred to producer surplus is the amount of utility satisfaction that a producer gets in making a sale of a good or service produced. It is calculated by subtracting the price that a producer is willing to accept from the price he or she actually receives in exchange for that commodity from the consumers.