The Wall Street Journal reported in February 2023 that “several major apparel and accessory brands . . . reported weaker sales. . . . The industry is still struggling to address last year’s retail inventory glut. . . . Companies have been discounting everything from Levi’s skinny jeans to Vans sneakers.”

a. When there is a glut, or surplus, in a market, does this mean that the supply of a product is greater than the demand or that the quantity supplied is greater than the quantity demanded?

b. What does the article mean by “discounting”? Explain how discounting would eliminate a surplus of Levi’s skinny jeans.

c. If there is a surplus in the market for a product, does this mean the product is not scarce? Briefly explain.