Define consumer surplus and producer surplus. What is meant by economic efficiency, and how does it relate to the gains of consumers and producers?

Question:

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Define consumer surplus and producer surplus. What is meant by economic efficiency, and how does it relate to the gains of consumers and producers?
Economics:

Economics is a social science that deals with the fundamental problem of scarcity. It tries to understand how limited resources are allocated and utilized to satisfy unlimited human wants. It is divided into macroeconomics and microeconomics.

Answer and Explanation:

Consumer surplus is defined as the tool used in the measurement of economic welfare gained by the consumers of an economy after they consume goods and…

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