What Is the Term of the Following Definintion

question 7

Short Answer

What is the term of the following definintion.
-Difference between what an individual is willing to pay and what is actually paid for some level of output.

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Definitions:

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay.

Producer Surplus

The amount a seller is paid for a good minus the seller’s cost of providing it.

Economic Profits

The difference between total revenue and total costs, including both explicit and implicit costs, indicating the financial gain exceeding all costs.

Monopoly

A market structure characterized by a single seller dominating the market, with no close substitutes for the product, giving the seller considerable power over prices.