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Question:

The difference between total value to buyers and total variable cost of producers is most likely known as:

A Total surplus.
explanation

• The difference between total value to buyers and total variable cost of producers represents total surplus (the sum of consumer and producer surplus).
• Consumer surplus is the difference between the total value that consumers place on units purchased and the total cost of purchasing them.
• Producer surplus is the difference between total revenue and total variable cost.

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