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Earn +20 ptsQ: Surplus is an excess of production or supply over demand. True or False?
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What is surplus production?
Surplus production occurs when too much of a good is produced. Supply then outweighs the demand.
What happens to price when a surplus exists?
Surplus means there will be excess supply, meaning demand will fall, and so will prices
Condition which the quantity demanded is greater than the quantity supplied?
Shortage of supply, or Excess/surplus of demand
What is the different between shortage and surplus?
A shortage is when there is a LACK (not enough) of that particular resource/product/item. A surplus is when there is EXCESS, or too much of a resource/product/item.
Occurs when supply outstrips demand?
surplus
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