The difference between a firm's production costs and the value consumers perceive in its products is called .

The amount of value created

Explanation:

Value creation occurs when a firm perform actions that lead to a rise in the worth or value of the product its produces or the service its renders.

The aim of any business is to create value that give better value to customers in order entice them to buy its commodity at a better price. As a result, the more value a firm creates, the wider will be the difference between the production cost of the firm and the value placed on the products of the firm. This will in turn make the buyers to buy the product of the firm at a higher price which will lead to a higher profitability of the firm.

The implication is that the best method for a firm to increase its profitability is to create more value.

Therefore, the difference between a firm's production costs and the value consumers perceive in its products is called the amount of value created.

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answer/// equals both average variable cost and average total cost at their respective minimums;