The difference between the minimum price the producer is willing to accept and the price the producer actually receives for a product is referred to as:​

A) ​market surplus.
B) market shortage.
C) consumer surplus.
D) ​producer surplus.

Refer to Table 18-6. Assume that MadeFromScratch is a competitive, profit-maximizing firm. If the market price of cupcakes increases from $2.00 to $2.50, how many workers would the firm then hire?

A) Two workers
B) Three workers
C) Four workers
D) Five workers