A Surplus Occurs When Producers Are Willing to Sell More

question 112

Short Answer

A surplus occurs when producers are willing to sell more than consumers are willing to buy.This is called a(n)________.

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Definitions:

Ethics

A branch of philosophy that involves systematizing, defending, and recommending concepts of right and wrong behavior.

Utilitarian Rule

An ethical principle that suggests the best action is the one that maximizes utility, often interpreted as achieving the greatest good for the greatest number of people.

Practical Rule

A guideline or procedure based on practical considerations, often derived from experience, for effective action or decision-making.

Feedback

Information provided regarding aspects of one’s performance or understanding, intended to improve or guide future actions or behaviors.