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Sagot :
The prices and quantities that would take place in a market with perfect competition are those that are socially efficient. This occurs at price B and quantity Y, when marginal cost equals demand.
A market's overall surplus serves as a gauge for the general well-being of all members. Combined consumer and producer surplus make up this amount. Consumer surplus is the gap between what customers are prepared to pay and what they actually pay for a good. Total surplus in a market is the sum of production surplus and consumer surplus. The total area under the demand curve and above the price serves as a proxy for the total surplus in a market. The producer's total gain (or producer surplus) is shown as the area of the triangle between P(i) and the supply curve when the producer's total cost (the triangle under the supply curve) is subtracted from his total income (the rectangle).
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