Equilibrium in a market exists when there is neither a surplus nor a shortage of the item.
Correct Answer:
Verified
Q170: Interpret what an increase in demand and
Q171: Distinguish the laws of demand and supply.
Q330: An increase in the cost of chicken
Q332: Surpluses cause prices to fall while shortages
Q333: The price system eliminates scarcity.
Q335: Excess quantity demanded for a good creates
Q336: A surplus means that the quantity supplied
Q337: When the market price of a product
Q338: In economics, the term "shortage" means that
Q339: A shortage occurs when the quantity demanded
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents