120 Glossary: Surplus

consumer surplus
the extra benefit consumers receive from buying a good or service, measured by what the individuals would have been willing to pay minus the amount that they actually paid
deadweight loss
the loss in social surplus that occurs when a market produces an inefficient quantity
economic surplus
see social surplus
producer surplus
the extra benefit producers receive from selling a good or service, measured by the price the producer actually received minus the price the producer would have been willing to accept
social surplus
the sum of consumer surplus and producer surplus

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