In the past, when we saw quantity supplied that was greater than quantity demanded, we called it a surplus. In this case, we have a surplus again, but a surplus of what?
Answers
Answer:
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Answer:
We have surplus of supplied quantity.
Explanation:
Economics is a social science that deals with production, consumption and distribution of the goods supplied and delivered.
Surplus is basically the left over of something i.e material goods. A surplus describes excess of assets that includes profit, income, capital, and goods. A surplus usually occurs in a budget. When expenses are little than the amount of income taken in or even in inventory when fewer supplies are used than were demanded initially. Economic surplus refers to supply and demand of both consumer and producer. Economic surplus is also called total welfare or Marshallian surplus.
A surplus occurs when a market in not in equilibrium of supply and demand. The quantity of goods supplied exceeds the quantity of demand at a certain price.