a condition in which the amount of good offered for sale by producers is greater than the amount othat buyers will purchase at the existing price. Multiple choice: surplus, shortage, equilibrium, consumer surplus
Added by Mark H.
Step 1
Step 1: A condition in which the amount of good offered for sale by producers is greater than the amount that buyers will purchase at the existing price is called a surplus. Show more…
Show all steps
Your feedback will help us improve your experience
Jennifer Stoner and 95 other Microeconomics educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
A surplus of a product will arise when price is above equilibrium with the result that quantity demanded exceeds quantity supplied. above equilibrium with the result that quantity supplied exceeds quantity demanded. below equilibrium with the result that quantity demanded exceeds quantity supplied. below equilibrium with the result that quantity supplied exceeds quantity demanded.
Jennifer S.
Crystal W.
What is consumer surplus? a. the price of the product plus the buyer's willingness to pay b. the price of the product minus the buyer's willingness to pay c. a buyer's willingness to pay minus the price d. a buyer's willingness to pay plus the price
Brooke B.
Recommended Textbooks
Principles of Economics
Principles of Microeconomics for AP® Courses
Economics
Transcript
Watch the video solution with this free unlock.
EMAIL
PASSWORD