economic surplus is\na. equal to producer surplus - consumer surplus.\nb. equal to consumer surplus…

economic surplus is\na. equal to producer surplus - consumer surplus.\nb. equal to consumer surplus - producer surplus.\nc. the sum of consumer surplus and producer surplus.\nd. the product of consumer surplus and producer surplus\ndeadweight loss is\na. the reduction in economic surplus resulting from a market not being in competitive equilibrium.\nb. the reduction in sales revenue resulting from market distortions.\nc. a measure of market equity.\nd. the reduction in consumer expenditure resulting from market failure.\nbecause economic surplus is the \nof the benefit to firms and the benefit to consumers, it is the best measure we have of the benefit to society from the production of a particular good or service. for this reason, it is appropriate to label economic surplus as \nsurplus.

economic surplus is\na. equal to producer surplus - consumer surplus.\nb. equal to consumer surplus - producer surplus.\nc. the sum of consumer surplus and producer surplus.\nd. the product of consumer surplus and producer surplus\ndeadweight loss is\na. the reduction in economic surplus resulting from a market not being in competitive equilibrium.\nb. the reduction in sales revenue resulting from market distortions.\nc. a measure of market equity.\nd. the reduction in consumer expenditure resulting from market failure.\nbecause economic surplus is the \nof the benefit to firms and the benefit to consumers, it is the best measure we have of the benefit to society from the production of a particular good or service. for this reason, it is appropriate to label economic surplus as \nsurplus.

Answer

Brief Explanations:

Economic surplus is the sum of 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 at). Deadweight loss occurs when the market is not in competitive equilibrium, reducing the total economic surplus. Economic surplus represents the total benefit to society from production, and is also known as social surplus.

Answer:

  1. C. the sum of consumer surplus and producer surplus.
  2. A. the reduction in economic surplus resulting from a market not being in competitive equilibrium.
  3. sum; social