Economic surplus in a market is the sum of _ surplus and _ surplus. In a competitive market, with many buyers and sel

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Andreyy89

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Economic surplus in a market is the sum of _ surplus and _ surplus. In a competitive market, with many buyers and sel

lers and no government restrictions, economic surplus is at a _____ when the market is in _____.

Social Studies

1 answer:

RSB [31] · Answer 1 · 2022-06-26T16:57:12+03:00

Answer:Economic surplus in a market is the sum of PRODUCER surplus and CONSUMER surplus.

In a competitive market with many buyers and sellers and no government restriction,economic surplus is at MAXIMUM when the market is in EQUILIBRIUM.

PRODUCER surplus is the difference between the amount a producer willing to receive for the production of particular good and services and the actual amount received while consumer surplus is the difference between the price is willing to pay for a particular goods and services and the actual amount paid.

When price is the same as market equilibrium price in a competitive market,economic surplus will be at it's maximum level.

Explanation:

Economic surplus in a market is the sum of​ _____ surplus and​ _____ surplus. In a competitive​ market, with many buyers and sel

Economic surplus in a market is the sum of _ surplus and _ surplus. In a competitive market, with many buyers and sel