A shortage occurs when price is higher than the market equilibrium.
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Q48: At equilibrium, quantity demanded equals quantity supplied.
Q49: When price is below the equilibrium level,
Q50: "Equilibrium" is a situation in which there
Q51: If demand increases, the equilibrium price and
Q52: Drawing the supply curve and the demand
Q54: Equilibrium is reached where there is no
Q55: If supply increases, the equilibrium price will
Q56: Technological advances that allow a good to
Q57: At equilibrium, the market will clear, with
Q58: A surplus occurs when price is higher
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