Final answer:
Producer surplus is accurately described as the total benefit to producers above what is necessary to produce the equilibrium quantity, and it is represented as the area below the equilibrium price and above the supply curve in economic graphs.
Step-by-step explanation:
The statement that producer surplus represents the total benefit to producers above what is necessary to produce the equilibrium quantity of the product is true. Producer surplus is the difference between the actual price producers receive for a good or service and the lowest price they would be willing to accept. This surplus represents the extra benefit they receive when the market price is higher than their minimum acceptable price.
In economics, the supply curve indicates the quantity of a product that firms are willing to supply at various prices. Producer surplus is demonstrated in economic graphs as the area below the equilibrium price and above the supply curve. For example, if at the equilibrium price of $80, producers are benefiting from each unit sold that they would have been willing to supply at a lower cost, say $45, then the difference between $80 and $45 for each of those units creates the producer surplus. This concept is a fundamental aspect of market efficiency and is crucial for understanding how markets allocate resources.