The sum of the economic surpluses accruing to buyers and sellers is
A)producer surplus.
B)deadweight loss.
C)total economic surplus.
D)conspicuous consumption.
E)consumer surplus.

Question

Quizplus · Accepted Answer

The total economic surplus is the sum of the consumer surplus and producer surplus. The deadweight loss represents the efficiency loss in the market, while conspicuous consumption refers to the purchase of goods or services for the purpose of displaying one's wealth, status, or taste. Therefore, choice C is the best option because it properly represents the total benefit to both buyers and sellers.

The Sum of the Economic Surpluses Accruing to Buyers and Sellers