Market Efficiency and Market Failure
An exchange creates both a consumer surplus and a supplier surplus. Market efficiency occurs when consumer and supplier surplus are maximized. However, in exchanges between buyers and sellers, should society be only concerned with market efficiency?
For this discussion, answer the following questions and respond to at least two classmates.
1a) Describe a personal experience of when you purchased a product or service whereby you feel you maximized surplus as a consumer and
b) why this qualifies as being an example of consumer surplus.
