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An economic surplus is when you have more of something in the economy than people demand. There are two types:
Consumers' surplus is the gain by consumers who can buy a product for less than the highest price that they would be willing to pay.
References[change | change source]
- Boulding, Kenneth E. (1945). "The Concept of Economic Surplus". The American Economic Review 35 (5): 851–869.
- "Consumer and producer surplus|Microeconomics|Khan Academy". Khan Academy.