💰Consumer surplus is the difference between the price a consumer is willing to pay and the actual price of a product.
🏭Producer surplus is the difference between the minimum price a producer will accept and the actual price of a product.
📈In efficient markets, quantity supplied equals quantity demanded at the equilibrium price.
⚖️Oversupply or undersupply can result in deadweight loss and inefficiency in the market.
🔄Supply and demand interact to determine the equilibrium price in efficient markets.