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New page: A surplus is the excess in quantity supplied above the quantity demanded. This occurs when the price of a good is higher than the market equilibrium price. When the seller lowers the pri...
A surplus is the excess in quantity supplied above the quantity demanded. This occurs when the price of a good is higher than the market equilibrium price. When the seller lowers the price for that good, more consumers will buy the good and the surplus will disappear.
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