Part I. Graph Analysis Directions: Please analyse the graph and answer the questions below. Write your answer on the space/s provided for each question. When do you have a When do you have a surplus in the supply of shortage in the product? supply of product? 2 http://study.com/academy/lesson/characteristics of-the-price-system-in-4-market-economy.html 3. Using the chart above, kindly describe the point where there is a a) surplus b) shortage c) equilibrium in price 4. What is surplus, shortage and equilibrium price? Define the terms. Surplus Shortage Equilibrium price