Question
Drag the right word to its definition an amount that is more than what is needed. equilibrium price surplus market
Answer
4.1
(192 Votes)
Zayne
Professional · Tutor for 6 years
Answer
Surplus: an amount that is more than what is needed.Equilibrium: the point where quantity supplied equals quantity demanded.
Explanation
In economics, a surplus refers to a situation where the quantity supplied of a good exceeds the quantity demanded at a given price. This results in an excess amount of the good available in the market. Equilibrium, on the other hand, is the point where the quantity supplied equals the quantity demanded, meaning there is no surplus or shortage in the market.