Answered

The total surplus in a market is the:______.
a. surplus that accrues when a good is not scarce, defined as the total amount (if any) by which quantity supplied exceeds quantity demanded at a zero price.
b. sum of consumer surplus and producer surplus.
c. excess supply due to a price above the equilibrium price.
d. net benefit to consumers, defined as the excess of consumer surplus over producer surplus.



Answer :

Ritmeks

Answer:

B

Explanation:

total surplus can be defined as the eagerness to pay price, less than the economic cost. Total surplus is increased in a free market competition when free market equilibrium has been attained.

Consumer surplus is the gain which is obtained by consumers when they are able to purchase a product for a price that is less than the highest amount that they would be willing to pay for that product. Producer surplus is the amount that is acquired by the producers by selling at a market price that is higher than the lowest amount that they would be willing to sell the product for.