Correct Definitions of Consumer and Producer Surplus Steps: - Recall consumer surplus as the difference between what consumers are willing to pay and what they actually pay. - Recall producer surplus as the difference between what producers receive and their minimum willingness to supply. - Evaluate each option's first statement against the consumer surplus definition. - Evaluate each option's second statement against the producer surplus definition, selecting the row where both match. Why B is correct: - It precisely defines consumer surplus as value gained over price paid and producer surplus as price received minus minimum supply price, aligning with standard economic formulas: CS = Willingness to pay - Price; PS = Price - Opportunity cost. Why the others are wrong: - A: First statement confuses consumer surplus with value from next best alternative; second misdefines producer surplus as revenue minus profit-maximizing revenue. - C: First statement incorrectly states consumer surplus as value over price paid (reverses key elements); second garbles producer surplus with irrelevant profit terms. - D: First statement wrongly uses "prepared to supply" for consumers; second equates …