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A Surplus Occurs When Price Is Higher Than the Market

question 230

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A surplus occurs when price is higher than the market equilibrium.


Definitions:

Evidence-based Medicine

The conscientious use of current best evidence in making decisions about the care of individual patients.

Evidence-based

A decision-making process that involves integrating best available research evidence with practitioner expertise and client preferences.

Decision Cycle

The process through which choices are identified, considered, and acted upon in a cyclical manner.

Crowdsourcing

The practice of obtaining needed services, ideas, or content by soliciting contributions from a large group of people, especially from the online community.

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