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Consumer Surplus
Difference between a consumer’s willingness to pay and what they actually pay
Where is Consumer Surplus
A shape below the demand curve and above the price line
Where is producer surplus
A shape above the supply curve and below the price line
Producer Surplus
Difference between what a producer is willing to sell their g/s for and what they actually sell for
Society Surplus
Total surplus from consumer and producer surplus.
Surplus Triangle
Graphical representation of consumer or producer surplus.
