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Answer :
The economic surplus measures the value of a decision's is total benefits minus its total costs (option b)
The economic surplus is the difference between the value that a person places on a good or service and the price they actually pay for it. This difference is known as consumer surplus.
On the other hand, producer surplus is the difference between the price that a seller receives for a good or service and the cost of producing it. When both of these surpluses are combined, we get the total economic surplus.
In conclusion, economic surplus is a fundamental concept in economics that measures the overall value created by a decision or a choice. It is calculated by subtracting the total costs from the total benefits and is made up of consumer surplus and producer surplus.
So, the correct option is (b).
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