a surplus occurs when quantity supplied is ______ than quantity demanded at a price ______ the market…
a surplus occurs when quantity supplied is ______ than quantity demanded at a price ______ the market clearing price.\n\na. less; above\nb. less; below\nc. greater; above\nd. greater; below
Answer
Brief Explanations:
A surplus happens when suppliers offer more goods (quantity supplied is greater) than consumers want to buy (quantity demanded) at a price that is above the market - clearing price. At a price above the equilibrium (market - clearing) price, the quantity supplied by producers exceeds the quantity demanded by consumers.
Answer:
C. greater; above