What is Producer Surplus? | Microeconomics

When talking about market efficiency and competitive markets, it's important to understand the concept of producer surplus. Let's learn the definition of producer surplus, how it relates to supply and demand, and some factors that can affect producer surplus: changes to marginal cost and consumer preferences.
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00:00 Intro
00:40 What producer surplus is
01:05 What it looks like
02:32 Factors that effect producer surplus