Economic surplus in a market is the sum of surplus and surplus. in a competitive market, with many buyers and sellers and no government restrictions, economic surplus is at a when the market is in
a. consumer; government; maximum; equilibrium
b. consumer; producer; maximum; equilibrium
c. consumer; producer; maximum; disequilibrium
d. consumer; producer; minimum; equilibrium

The correct answer is option B.

Explanation:

Economic surplus is the sum of consumer surplus and producer surplus.

The consumer surplus is the difference between the highest price that consumer is willing to pay and the price it actually pays.

Similarly, the producer surplus is the difference between the lowest price that a producer is willing to receive and the price it actually gets.

Graphically, consumer surplus is the area between the equilibrium price and the highest price. While the producer surplus is the area between the equilibrium price and the lowest price.

So the economic surplus is maximum when the market is in equilibrium.