please analyze the graph and answer the questions below. write your answer on the space/s provided for each question.
1.when do you have a surplus in the supply of product?
2.when do you have a shortage in the supply product?
3.using the chart above,kindly describe the point where there is a
a) surplus________________
b) shortage ______________
c) equilibrium _____________
4.what is surplus, shortage and equilibrium price? define the terms.
surplus__________________
shortage_________________
equilibrium price___________
1.when do you have a surplus in the supply of product?
2.when do you have a shortage in the supply product?
3.using the chart above,kindly describe the point where there is a
a) surplus________________
b) shortage ______________
c) equilibrium _____________
4.what is surplus, shortage and equilibrium price? define the terms.
surplus__________________
shortage_________________
equilibrium price___________
Add an Answer
More Questions From This User See All
Answers & Comments
Answer:
1. Surplus occurs when there is excess supply- that is quantity supplied is greater than quantity demanded.
2. Shortage occurs when the quantity demanded is greater than the quantity supplied at the market price.
3.
4. surplus- excess supply of product
shortage- a deficiency in quantity, not enough supply
equilibrium price- the price at which the quantity of a product offered is equal to the quantity of the product in demand.
sana nakatulong parin :>