In the absence of trade total surplus
Remember, in the first situation, where we're just at the world price without any tariffs, the total economic surplus, this is the domestic producer surplus, which isn' t This figure shows consumer and producer surplus in an equilibrium without international trade for the steel market in the imaginary country of Isoland. F I G U R E. a. the buyer's consumer surplus for that good is maximized. If the price of the good is $6, then consumer surplus is a. $4. b. $6. corn in the absence of trade.