Asked by
Mikey Kennedy
on Oct 26, 2024
Verified
If there is an excess supply of a good,the problem of scarcity does not apply to that good.
Excess Supply
A situation in a market where the quantity of a good or service available exceeds the quantity demanded at the current price, leading to surplus.
Scarcity
A basic issue in economics where human desires appear unlimited, but the world has finite resources.
- Understand the influences of surplus supply and heightened demand on price fluctuations in the market.
Verified Answer
AN
Learning Objectives
- Understand the influences of surplus supply and heightened demand on price fluctuations in the market.
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