Which of the following is correct?
A)Consumer surplus refers to a situation in which there are more buyers than sellers in a market.
B)Producer surplus refers to a situation in which there are more sellers than buyers in a market.
C)Total surplus is measured as the area below the demand curve and above the supply curve,up to the equilibrium quantity.
D)All of the above are correct.

Question

Quizplus · Accepted Answer

Total surplus is the sum of consumer and producer surplus, and it is represented by the area below the demand curve and above the supply curve up to the equilibrium quantity.

Which of the Following Is Correct