a. The overall surplus, income changes, and consumer surplus all remain unchanged. A conspiring duopoly has similar results to a monopoly. b. Total surplus rises as consumer surplus rises and producer surplus falls.
When you possess more of anything than you require or intend to utilize, you have a surplus. When you prepare a meal, for instance, you have an excess of food if there is any left over after everyone has finished eating.
Your surplus is the difference between your revenue and expenses. When your expenditure exceeds your income, you have a deficit.
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