economic surplus\na. is the difference between quantity demanded and quantity supplied when the market price…

economic surplus\na. is the difference between quantity demanded and quantity supplied when the market price for a product is greater than the equilibrium price.\nb. is equal to the sum of consumer surplus and producer surplus.\nc. is equal to the difference between consumer surplus and producer surplus.\nd. does not exist when a competitive market is in equilibrium.

economic surplus\na. is the difference between quantity demanded and quantity supplied when the market price for a product is greater than the equilibrium price.\nb. is equal to the sum of consumer surplus and producer surplus.\nc. is equal to the difference between consumer surplus and producer surplus.\nd. does not exist when a competitive market is in equilibrium.

Answer

Brief Explanations:

Economic surplus is the total benefit to society from the production and consumption of a good or service. It combines consumer surplus (the difference between what consumers are willing to pay and what they actually pay) and producer surplus (the difference between the price producers receive and the minimum price they are willing to sell for).

Answer:

B. is equal to the sum of consumer surplus and producer surplus.