Buyers enjoy consumer surplus when the market price is:
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a
lower than the highest price buyers are willing to pay; sellers enjoy producer surplus when the market price is lower than the lowest price sellers are willing to accept.
b
higher than the highest price buyers are willing to pay; sellers enjoy producer surplus when the market price is higher than the lowest price sellers are willing to accept.
c
lower than the highest price buyers are willing to pay; sellers enjoy producer surplus when the market price is higher than the lowest price sellers are willing to accept.
d
higher than the highest price buyers are willing to pay; sellers enjoy producer surplus when the market price is lower than the lowest price sellers are willing to accept.
