In economics,the concept of surplus:
A) measures the benefit that people receive when they buy something for less than they would have been willing to pay.
B) measures the benefit that people receive when they sell something for more than they would have been willing to accept.
C) is the best way to look at the benefits people receive from successful transactions.
D) All of these are true.

Question

Quizplus · Accepted Answer

All of these statements are true. Surplus can apply to both buyers and sellers in a transaction, and it represents the benefit that individuals receive when they are able to engage in transactions that make them better off.

In Economics,the Concept of Surplus