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You are a scientist who notices great similarity between the spines of a hedgehog and the spines of a porcupine.When you study their genetics,however,you notice that the set of genes that code for hedgehog spines is a different set of genes than the set that codes for porcupine spines.You decide this must be an example of
Producer Surplus
The difference between what producers are willing to sell a good for and the actual price they receive.
Price Falls
A decrease in the cost of goods or services in the market.
Surplus Decrease
A reduction in the amount by which the quantity supplied of a product exceeds the quantity demanded.
Consumer Surplus
The gap between the amount consumers are prepared to pay for a product or service and the actual price they pay.
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