what best describes excess supply?\nshortage\nbalanced production\ndemand fulfillment\nthe quantity supplied…

what best describes excess supply?\nshortage\nbalanced production\ndemand fulfillment\nthe quantity supplied exceeds the quantity demanded; also called a surplus\nquestion 14\nwhat best describes factors of production?\neconomic theories\nproduction outcomes\nmarket strategies\nthe resources used to produce goods and services; also called inputs\nquestion 15\nwhat best describes inferior good?\nmarket staple\na good in which the quantity demanded falls as income rises, and rises as income falls\nluxury good\npremiere product

what best describes excess supply?\nshortage\nbalanced production\ndemand fulfillment\nthe quantity supplied exceeds the quantity demanded; also called a surplus\nquestion 14\nwhat best describes factors of production?\neconomic theories\nproduction outcomes\nmarket strategies\nthe resources used to produce goods and services; also called inputs\nquestion 15\nwhat best describes inferior good?\nmarket staple\na good in which the quantity demanded falls as income rises, and rises as income falls\nluxury good\npremiere product

Answer

Brief Explanations:

  • Excess supply occurs when the quantity of a good or service that producers are willing to supply is greater than what consumers are willing to buy at a given price, also known as a surplus.
  • Factors of production are the resources like land, labor, capital, and entrepreneurship used to create goods and services.
  • An inferior good is one for which demand decreases as consumer income increases and increases as consumer income decreases.

Answer:

  • Question 13: the quantity supplied exceeds the quantity demanded; also called a surplus
  • Question 14: the resources used to produce goods and services; also called inputs
  • Question 15: a good in which the quantity demanded falls as income rises, and rises as income falls