WORLD CIVILIZATION

Detailed explanation-1: -A surplus results from a disconnect between supply and demand for a product, or when some people are willing to pay more for a product than other consumers. Typically, a surplus causes a market disequilibrium in the supply and demand of a product.

Detailed explanation-2: -Total Surplus = Consumer Surplus + Producer Surplus Supplier overheads are higher for producing two units. Similarly, the consumer is getting less than what the market can offer. As a result, to achieve a stable market, the producer(s) must increase the production to reduce the deadweight and attain the equilibrium.

Detailed explanation-3: -Buying coffee from Starbucks is more expensive than buying a 7-11 cup of coffee, because people will buy the Starbucks brand. Starbucks identifies those willing to spend more for a cup of coffee and markets to that group. The higher prices result in producer surplus with higher profits.

Detailed explanation-4: -to be no longer needed. Many very experienced workers have been told they are surplus to requirements. Synonyms and related words. Not wanted or needed. unnecessary.