Answer: economic value created
Explanation:
From the question, we are informed that a firm incurs $400 to manufacture a television and that the customers are willing to pay a maximum of $600 for the television priced at $500.
In this scenario, the difference of $200 is the economic value created.
To get the economic value created, one has to subtract the cost a firm takes in producing a particular product from the amount that customers are willing to buy the product. In this case $200 is the economic value created.
