Jennifer buys a piece of costume jewelry for $33 for which she was willing to pay $42.The minimum acceptable price to the seller,Nathan,was $30.Jennifer experiences:

A) a consumer surplus of $12 and Nathan experiences a producer surplus of $3.
B) a producer surplus of $9 and Nathan experiences a consumer surplus of $3.
C) a consumer surplus of $9 and Nathan experiences a producer surplus of $3.
D) a producer surplus of $9 and Nathan experiences a producer surplus of $12.

Consumer Surplus

Consumer surplus is the difference between the maximum price consumers are willing to pay for a product or service and the actual price they pay.

Producer Surplus

Producer Surplus is the difference between what producers are willing to accept for a good or service versus what they actually receive, often depicted as the area above the supply curve and below the market price.

Costume Jewelry

Jewelry made from non-precious materials, designed to emulate more valuable pieces.