Total surplus shows the total benefit to society from production and consumption of a good.

Name: Total surplus shows the total benefit to society from production and consumption of a good.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Total surplus is the sum of consumer surplus and producer surplus, which represents the net benefit gained by consumers and producers from the production and consumption of a good. Therefore, it shows the total benefit to society.

Total Surplus Shows the Total Benefit to Society from Production