Total surplus is represented by the area a. between the demand and supply curves up to the point of equilibrium. b. under the demand curve and above the price. c. above the supply curve and up to the price. d. under the supply curve and up to the price.

The correct answer is option A) Total surplus is represented by the area between the demand and supply curves up to the point of equilibrium.

Explanation:

Total surplus consists of consumer ans producer surplus.

whereas consumer surplus is the area above the market price and below the demand curve, while producer surplus is the area below the market price but above the supply curve.

Total surplus is the total area for the consumer surplus plus the total area for the producer surplus represented by the area between the demand and supply curves up to the point of equilibrium.

A) Between the demand and supply curves up to the point of equilibrium.

Explanation:

Total surplus is a weigh on the total wellbeing of the participants in a market. It is mathematically the sum of consumer surplus and producer surplus. Producer surplus is the difference of the amount a person is willing to accept for a given quantity of goods and the amount they tend to receive for the same quantity of goods when sold at market price. Illustrated graphically, the area in the supply curve is below market price but above the supply curve. A consumer surplus happens when the price of a product or service paid for by a consumer is less than the price which he was willing to pay. The area in the demand curve is above the market price but below the demand curve. In total surplus, it will be in equilibrium, hence balanced demand to balanced supply I'm respect to price.