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The space between the buyer’s reservation price and the seller’s reservation price is called the Total surplus.
What is reservation price for buyer?
A reserve price or reservation price is a word frequently used in auctions and refers to the lowest amount a seller will accept as a successful bid. An alternate, less well-known definition is the highest price a customer will pay for a good or service.
What is producers reservation price?
The minimal price that buyers and sellers are ready to accept in order to buy or sell a good is known as the reservation price. It is the highest price a potential buyer or consumer is willing to pay for a good; for a seller or producer, it is the lowest price they are willing to accept.
Learn more about reservation price: https://brainly.com/question/13215058
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