Question

Total economic surplus is represented by: question 6 options: the area below the demand curve and above the market equilibrium price. the area above the supply curve and below the market equilibrium price the area below the demand curve and above the supply curve.

Answer 1

The total economic surplus is the sum of the consumer surplus and the producer surplus. In a Quantity versus Price curve, the total economic surplus is represented by the area above the supply curve and below the market equilibrium price.