GENERAL KNOWLEDGE

Detailed explanation-1: -When the quantity supplied in a market exceeds the quantity demanded, we say there is a surplus in the market.

Detailed explanation-2: -1 In fact, economic surplus is sometimes referred to as Marshallian surplus, after Alfred Marshall. In traditional economics, the intersection of the supply and demand curves provides the market price (also called the equilibrium price) and quantity of a good.

Detailed explanation-3: -Producer surplus is the total amount that a producer benefits from producing and selling a quantity of a good at the market price. The total revenue that a producer receives from selling their goods minus the marginal cost of production equals the producer surplus.

Detailed explanation-4: -A surplus describes the amount of an asset or resource that exceeds the portion that’s actively utilized. A surplus can refer to a host of different items, including income, profits, capital, and goods. In the context of inventories, a surplus describes products that remain sitting on store shelves, unpurchased.