Examlex
It is a fact that major life forms now on earth were not at all represented in the past. There were no birds or mammals 250 million years ago. It is a fact that major life forms of the past are no longer living. There used to be dinosaurs and Pithecanthropus, and there are none now. It is a fact that all living forms came from previously living forms. Therefore, all present forms of life arose from ancestral forms that were different: birds arose from nonbirds and humans from nonhumans. R.C. Lewontin, "Evolution/Creation Debate: A Time for Truth"
Surplus
The situation in which the quantity of goods produced exceeds the quantity demanded, often leading to a drop in prices.
Supply Increases
Refers to a situation where the quantity of a good or service that producers are willing and able to sell at a given price level rises, often leading to a decrease in prices if demand remains constant.
Equilibrium Price
The cost at which the amount of a product or service being sought after matches the amount being offered, resulting in a stable market.
Equilibrium Quantity
The quantity of goods or services supplied is exactly equal to the quantity demanded at a particular price.
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