In the diagram above, there is an excess
Question 1 Report
In the diagram above, there is an excess
Answer Details
Yes, there is an excess in the diagram above. An excess, also known as a surplus, occurs when the quantity supplied exceeds the quantity demanded in a market. In the diagram, we can see that the supply of 40 units exceeds the demand of 30 units, which creates an excess of 10 units. This means that there are 10 units of the product that are not being sold and are left unsold in the market. On the other hand, we can also see that the demand for 20 units is being met by the supply of 20 units, which means that there is no excess or shortage of the product in this case.
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