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What is the difference between a surplus and a deficit?
A surplus is more than needed, a deficit is a shortage or loss
What describes the situation that occurs when the equilibrum quantity has been reached?
there is no surplus or shortage
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.
How does a surplus or a shortage of a good or service affect the market price?
A surplus or a shortage of a good or service affects the market price directly. When there is a surplus, the prices goes down and when there is a shortage the price increases due to the demand levels.
The difference between what the workers produce and what they earn is surplus value?
Surplus value is the difference between the value that workers produce and what they are paid in wages.
What is the difference between a surplus and a deficit?
A surplus is more than needed, a deficit is a shortage or loss
What describes the situation that occurs when the equilibrum quantity has been reached?
there is no surplus or shortage
What is the opposite of surplus?
The opposite of surplus (excess) is Deficit or Shortage.
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.
How does a surplus or a shortage of a good or service affect the market price?
A surplus or a shortage of a good or service affects the market price directly. When there is a surplus, the prices goes down and when there is a shortage the price increases due to the demand levels.
What is the difference between reserves and surplus?
A reserve is a planned amount, a surplus is unplanned.
The difference between what the workers produce and what they earn is surplus value?
Surplus value is the difference between the value that workers produce and what they are paid in wages.
When does shortage and surplus occur?
A shortage occurs when quantity demand exceeds quantity supplied. A surplus occurs when quantity supplied exceeds quantity demanded.
What is customer surplus and producer surplus?
Consumer surplus is the difference between the maximum amount a person is willing to pay for a good and its current market price. Producer surplus is the difference between the current market price and the full cost of production for the firm.
Consumer surplus and producers surplus?
Consumer surplus - the difference between what a consumer is willing to pay and what they actually pay. Aggregate consumer surplus measures consumer welfare. Producer surplus - the difference between what a producer is willing to sell their product for and what they actually receive. Aggregate producer surplus measures producer welfare
Suppose the price of corn is 3.25 per bushel. is there a shortage or surplus of corn at that price?
there is a surplus
What is the difference between electric charge and ion?
An electric current goes through an electric circuit, if it is closed.
