Economic surplus
A)does not exist when a competitive market is in equilibrium.
B)is equal to the sum of consumer surplus and producer surplus.
C)is the difference between quantity demanded and quantity supplied when the market price for a product is greater than the equilibrium price.
D)is equal to the difference between consumer surplus and producer surplus.

Question

Quizplus · Accepted Answer

Economic surplus is the benefit that consumers and producers receive when a market is in equilibrium. It is the sum of consumer surplus (the difference between what consumers are willing to pay for a product and what they actually pay) and producer surplus (the difference between what producers receive for a product and the cost of producing it).

Economic Surplus