The total surplus in a market is the:
A)excess supply due to a price above the equilibrium price.
B)surplus that accrues when a good is not scarce,defined as the total amount (if any)by which quantity supplied exceeds quantity demanded at a zero price.
C)net benefit to consumers,defined as the excess of consumer surplus over producer surplus.
D)sum of consumer surplus and producer surplus.

Question

Quizplus · Accepted Answer

Total surplus in a market is defined as the sum of consumer surplus and producer surplus. Consumer surplus is the difference between the maximum price consumers are willing to pay for a good and the actual price they pay, while producer surplus is the difference between the actual price producers receive for a good and the minimum price they are willing to accept. Therefore, the correct answer is D.

The Total Surplus in a Market Is The