Problem
What is the producer surplus for an individual firm? What is the producer surplus for a market when the number of firms in the industry is fixed and input prices do not vary as industry output changes? When is producer surplus equal to economic profit (for either a firm or an industry)? When producer surplus and economic profit are not equal, which is bigger?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.