The place were there is excess production
does not have demand for those production
products
Answers
Answer:
When quantity supplied is greater than quantity demanded, the equilibrium level does not obtain and instead the market is in disequilibrium. An excess supply prevents the economy from operating efficiently.
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. That is, the quantity of the product that producers wish to sell exceeds the quantity that potential buyers are willing to buy at the prevailing price. It is the opposite of an economic shortage (excess demand).
• In cultural evolution, agricultural surplus in the Neolithic period is theorized to have produced a greater division of labor, resulting in social stratification and class.
THIS IS ALSO KNOWN AS DISEQUILIBRIUM IS ECONOMICS EHICH MEANS A LOWBOF COST IN COSTLY THINGS AND HIGH OF COST IN COSTLESS THINGS
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