Producer Surplus/Consumer Surplus HW HELP!!!?

Question

Producer surplus is best described as

the difference between the price received by a firm and

the lowest price they were willing to accept.

Profit.

the area between the supply curve and demand curve.

All of the above.

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Consumer surplus is best described as

the difference between what consumers are willing to pay for a good and the actual price.

the area between the demand curve and price.

the net benefit to the consumer.

All of the above.

Answer 1

PS:

the difference between the price received by a firm and

the lowest price they were willing to accept.

CS:

the difference between what consumers are willing to pay for a good and the actual price.