Question

If there is a greater quantity supplied than the quantity demanded, in other words, an excess supply of a good or service you are most likely dealing with a

Answer 1

An excess supply of a good or service than the quantity demanded then it is most likely dealing with a Economic Surplus.

What is demand?

Demand refers to the desire to purchase the commodity along with having the purchasing power. It the willingness to purchase certain price of the commodity at the given period of the time.

In the market, if the supply of the commodity increases then the quantity demanded that situation is called as the Economic surplus. In such case, the prices of the commodity will decrease as their is no demand for the product.

Thus the excessive supply of the commodity can be inferred as the economic surplus.

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