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Solve the inequality and graph the solution on the real number line
Producer Surplus
The difference between the amount producers are willing to sell a good for and the actual amount they receive, usually represented graphically as the area above the supply curve and below the market price.
Consumer Surplus
The differential between the amount envisioned by consumers to pay for a good or service and the actual amount paid.
Perfectly Competitive
A market structure characterized by many buyers and sellers, free entry and exit, and a homogeneous product.
Consumer Surplus
The distinction between the ideal payment by consumers for a product or service and the financial outlay they make.
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