Equilibrium, Shortages & Surpluses

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Last updated 6:29 PM on 9/12/26
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8 Terms

1
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What is market equilibrium?

The point where quantity demanded equals quantity supplied.

2
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Where is equilibrium found on a graph?

At the intersection of the supply and demand curves.

3
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What is a surplus?

Quantity supplied is greater than quantity demanded.

4
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What causes a surplus?

The market price is above equilibrium.

5
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What happens to price when there is a surplus?

Price tends to decrease

6
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What is a shortage?

Quantity demanded is greater than quantity supplied.

7
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What causes a shortage?

The market price is below equilibrium.

8
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What happens to price when there is a shortage?

Price tends to increase.