Market adjustment will eliminate shortages and surpluses. 1. Define the following terms: a. Surplus b. Shortage c.
Question:
1. Define the following terms:
a. Surplus
b. Shortage
c. Equilibrium price
d. Equilibrium quantity
2. State what will happen to price when there is a surplus.
3. State what will happen to price when there is a shortage.
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Step by Step Answer:
1 a A surplus exists whenever quantity supplied exceeds quantity demanded b A shortage exists ...View the full answer
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