What does total surplus in a market equal
A)Consumer surplus + Producer surplus
B)Value to buyers - Amount paid by buyers
C)Amount received by sellers - Costs of sellers
D)Producer surplus - Consumer surplus

Question

Quizplus · Accepted Answer

Total surplus in a market is the sum of consumer surplus and producer surplus. Consumer surplus is the difference between the maximum price a consumer is willing to pay and the actual price paid, while producer surplus is the difference between the minimum price a seller is willing to accept and the actual price received. Therefore, the correct equation is total surplus = consumer surplus + producer surplus.

What Does Total Surplus in a Market Equal