Demonstrate Graphically and Explain Verbally the Concept of Excess Supply

question 17

Essay

Demonstrate graphically and explain verbally the concept of excess supply. Is price above or below equilibrium?

---

Definitions:

Infinite Solutions

A situation where an equation or system of equations has an unlimited number of solutions.

Consistent

In mathematics, it refers to a system of equations that has at least one solution; in a general context, it means steady or continually the same.

Graphical Method

A technique for solving mathematical problems by drawing graphs to visualize relationships between variables.

Equations

Mathematical statements that assert the equality of two expressions, typically including one or more variables.