Question

What is consumer surplus and producer surplus?

Answer 1

Explanation:

In mainstream economics, economic surplus, also known as total welfare or Marshallian surplus, refers to two related quantities

Answer 2

Answer:

Explanation:

The consumer surplus is the difference between the highest price a consumer is willing to pay and the actual market price of the good or service.

The producer surplus is the difference between the market price and the lowest price a producer would be willing to accept.