Question

Total surplus measures the_____________.

a. loss to buyers from paying higher prices plus the benefit to sellers from receiving lower prices.
b. buyers’ willingness to pay less the sellers’ costs.
c. fairness of the distribution of resources in society.
d. value to the government of goods and services sold in society.

Answer 1

b.buyers’ willingness to pay less the sellers’ costs,

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Step-by-step explanation:

Answer 2

Answer: loss to buyers from paying higher prices plus the benefit to sellers from receiving lower prices.

Step-by-step explanation:

Total surplus measures the maximum amount a buyer is willing to pay to ensure a smooth market flow plus the amount the seller is least able to sell a product as long as it's not below the cost price of that product.

Total surplus ensure the efficient running of a market and a better society overall.