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me Secure https//www.mathul.com/Student/Pu aspxhomeworkld 4850116198iquestionld-228flushed-talseacld-50313488centerwinnyes EC 111-03: PRINCIPLES OF MICROECONOMICS-Fall 2018 Meghan Comerford&19/26/18 11:48 AM Homework: HW 5: Economic Efficiency Score: 0 of 1 pt Concept: Economic Surplus 2 24 of 47 (23 complete) Score: 44 9%, 22 of 49 pts Question Hep Econome urplus a market is to sum of surplus and--supus i, a competeve murut wth may bres ad seliidnego enmedienen. economic surplus is at ah the market isn O A consumer, producer, maximum, equlibrium OB. consumer producer,masmum, dsequlbnum O D. consumer, producer, minimum, equilibrium 1rt) cick to select your answer and then cick Check Answer All parts showeing Question 29) Question 3001) 31(011

Explanation / Answer

1) Economic surplus is a concept of market efficiency. Economic surplus is the sum of Consumers surplus and Producers surplus.

Consumer surplus measures the welfare of consumers and producer surplus measures the welfare of producers.

In a competitive market where there are large number of buyers and sellers with no government with no government restriction, economic surplus is maximum when the market is in equilibrium.

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