For a monopoly market,what is the definition of total surplus
A)the value of the good to producers minus the cost incurred by consumers
B)the value of the good to producers plus the cost incurred by consumers
C)the value of the good to consumers minus the costs of producing the good
D)the value of the good to consumers plus the cost of producing the good

Question

Quizplus · Accepted Answer

Total surplus in a monopoly market is the difference between the value of the good to consumers and the cost of producing the good. The value of the good to producers is not relevant in this case, as there is only one producer in the market. Therefore, choice C is the correct definition of total surplus in a monopoly market.

For a Monopoly Market,what Is the Definition of Total Surplus