Refer to Scenario 10.9. What level of output maximizes the sum of consumer surplus and producer surplus?

A) 0
B) 30
C) 45
D) 60
E) none of the above

Consumer Surplus

The gap between what consumers are ready and can afford to pay for a product or service, versus what they actually spend.

Producer Surplus

The difference between the amount that a producer is paid for a good or service and the minimum amount they are willing to accept for it.

Marginal Revenue

The additional income derived from the sale of one more unit of a good or service.