In a market,total surplus is
A)equal to producer surplus plus consumer surplus.
B)equal to the total cost to sellers minus the total value to buyers.
C)equal to consumers' willingness to pay plus producers' cost.
D)greater than the sum of consumer surplus plus producer surplus.

Question

Quizplus · Accepted Answer

Total surplus is the total value received by both the buyers and the sellers in a market. It is the difference between the total amount that buyers are willing to pay for a good or service (consumer surplus) and the total amount that sellers need to be paid to produce and offer a good or service (producer surplus). Therefore, total surplus is equal to the sum of consumer surplus and producer surplus.

In a Market,total Surplus Is