Asked by
Mayank Mahashay
on Nov 17, 2024
Verified
A surplus is the same as an excess demand.
Surplus
The amount by which the quantity supplied of a product exceeds the quantity demanded at a specific price.
Excess Demand
A situation in a market where the quantity demanded of a good or service exceeds the quantity supplied at the current price.
- Learn about the dynamics between market equilibrium and the occurrence of surplus and shortage.
Verified Answer
EM
Learning Objectives
- Learn about the dynamics between market equilibrium and the occurrence of surplus and shortage.
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