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2 cards from this section. Quick, good the night before a test.
Define surplus.
Think about the balance between supply and demand.
What causes a shortage?
Recall what happens when too many people want an item.
What is disequilibrium?
Think about what happens when products are left unsold.
True or False: A surplus occurs when demand exceeds supply.
Recall the definitions of surplus and shortage.
Evaluate how a sudden increase in demand affects market equilibrium in the short term and long term. What adjustments do sellers and buyers make?
Consider what sellers might do to meet growing demand and balance the market.
Analyze the impact of government interventions, like price controls, on a market experiencing severe shortage.
Think about how suppliers react to capped pricing.
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