ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Assertion (A) : Surplus is an amount of something left over when requirements have been met. Reason (R) : Surplus is an excess of production or supply.

Detailed explanation-2: -Surplus   an amount of something left over when requirements have been met; an excess of supply over demand, more than what is needed or used; excess.

Detailed explanation-3: -Excess Demand: the quantity demanded is greater than the quantity supplied at the given price. This is also called a shortage. Excess Supply: the quantity demanded is less than the quantity supplied at the given price. This is also called a surplus.

Detailed explanation-4: -Excess supply will cause price to fall, and as price falls producers are willing to supply less of the good, thereby decreasing output.

Detailed explanation-5: -A surplus occurs when there is some sort of disconnect between supply and demand for a product, or when some people are willing to pay more for a product than others.