Asked by Shanelle Jacobs on May 07, 2024
Verified
Total surplus in a market is the excess of the number of consumers above the optimum number.
Total Surplus
The sum of consumer and producer surplus, representing the total net benefit to society from the production and consumption of a good or service.
- Digest the essence of total surplus along with its contributing factors: consumer surplus and producer surplus.
Verified Answer
CZ
Carrie ZhangMay 13, 2024
Final Answer :
False
Explanation :
Total surplus in a market is the sum of consumer surplus and producer surplus. It is not related to the optimum number of consumers in the market.
Learning Objectives
- Digest the essence of total surplus along with its contributing factors: consumer surplus and producer surplus.
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