A Shortage Occurs When Quantity Demanded Exceeds Quantity Supplied
A shortage occurs when quantity demanded exceeds quantity supplied.
When a surplus exists in a market, the actual price will begin to decrease.
A surplus occurs when there is excess supply.
A market is in equilibrium
A) when the government imposes price controls.
B) when the price is low.
C) where the demand and supply curves intersect.
D) when the price is high.
E) when equilibrium price equals equilibrium quantity.