When any market failure exists best explains when economic surplus should not be measured as the area between the supply and demand curves and left of the efficient quantity
Economic surplus is the collective benefit, sometimes referred to as "total welfare," that a consumer or producer receives as a result of an economic activity. Other names for it include total surplus and community surplus.
The surplus benefit received by both consumers and producers during an economic transaction is added together to determine the economic surplus. Consumer surplus and producer surplus are two related concepts that are referred to as economic surplus in mainstream economics.
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