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

Question

Quizplus · Accepted Answer

Economic surplus is the total benefit gained by consumers and producers in a market. Consumer surplus is the difference between the maximum price that consumers are willing to pay for a good and the actual price they pay, while producer surplus is the difference between the minimum price that producers are willing to accept for a good and the actual price they receive. Therefore, the economic surplus in a market is the sum of consumer surplus and producer surplus.

The Economic Surplus in a Market Is The