Answer:Economic surplus in a market is the sum of PRODUCER surplus and CONSUMER surplus.
In a competitive market with many buyers and sellers and no government restriction,economic surplus is at MAXIMUM when the market is in EQUILIBRIUM.
PRODUCER surplus is the difference between the amount a producer willing to receive for the production of particular good and services and the actual amount received while consumer surplus is the difference between the price is willing to pay for a particular goods and services and the actual amount paid.
When price is the same as market equilibrium price in a competitive market,economic surplus will be at it's maximum level.
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