What is consumer surplus and producer surplus?
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Answered by
6
Explanation:
In mainstream economics, economic surplus, also known as total welfare or Marshallian surplus, refers to two related quantities
Answered by
5
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.
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