When a competitive market maximizes economic surplus, it implies that the rev: 05_10_2018 Multiple Choice marginal benefit of having the product is greater than the marginal cost. buyers are getting the maximum consumer surplus from the product. combined consumer and producer surplus is maximized. quantity demanded is lower than the quantity supplied

Combined consumer and producer surplus is maximized.

Explanation:

Competitive Market, which is a market, whereby great numbers of producer compete with each other while producing goods/service for consumer's consumption. The Economic surplus which is also known as Total/warefare surplus can be regarded as the combination of both consumer and producer surpluses which helps in knowing the total loss of warefare as regarded as competitive market is concerned.It should be noted that When a competitive market maximizes economic surplus, Combined consumer and producer surplus is maximized.

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