Sia
Question
Statistics
Posted 10 months ago
Which of the following terms describes a situation in which there is an excess quantity supplied in a market?
Choose 1 answer:
(A) Efficiency
B) Shortage
(C) Surplus
D Excess demand
(E) Equilibrium
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Answer from Sia
Posted 10 months ago
Solution by Steps
step 1
Identify the economic term that describes a situation where the quantity supplied in a market exceeds the quantity demanded
Answer
The correct term is 'Surplus'.
C
Key Concept
Surplus
Explanation
In economics, a surplus occurs when the quantity supplied of a good exceeds the quantity demanded at a given price.
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