5. Consumer and Producer Surplus; Price Ceilings and Price Floors

5. Consumer and Producer Surplus; Price Ceilings and Price Floors / Quantitative Analysis of Price Ceilings and Floors: Finding Areas / Problem 12

Problem 12

What is producer surplus?

The area above the price level and below the demand curve.

The area between the demand and supply curves at equilibrium.

The area above the supply curve and below the price level.

The area below the price level and above the demand curve.