Question

Q. 2. Give economic terms :
1) A situation where more quantity is demanded at
lower price .........​

Answer 1

Explanation:

In economics, an excess supply or economic surplus is a situation in which the quantity of a good or service supplied is more than the quantity demanded, and the price is above the equilibrium level determined by supply and demand.

Answer 2

Answer:

The law of demand is a fundamental principle of economics which states that at a higher price consumers will demand a lower quantity of a good. Demand is derived from the law of diminishing marginal utility, the fact that consumers use economic goods to satisfy their most urgent needs first.

Explanation:

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