Shortage & Surplus in Economics
Explore the fundamental economic concepts of shortage and surplus, their causes, and their effects on markets.
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Shortage & Surplus in Economics
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Read each question carefully and answer to the best of your ability. For multiple-choice questions, select the best option. For fill-in-the-blank and short-answer questions, write your answers in the space provided.
1. What is an economic shortage?
When quantity supplied is greater than quantity demanded.
When quantity demanded is greater than quantity supplied.
When quantity supplied equals quantity demanded.
When prices are too high.
2. Which of the following is most likely to cause a surplus of a product?
An increase in consumer demand.
A decrease in production costs.
A government-imposed price ceiling.
A sudden drop in consumer preference.
3. When there is a shortage, prices tend to .
4. A surplus occurs when the market price is set the equilibrium price.
5. Government intervention, such as a price , can lead to shortages.
6. A surplus typically leads to producers lowering prices to sell off excess inventory.
True
False
7. An increase in demand for a product, with no change in supply, will lead to a surplus.
True
False
8. Explain how the market naturally adjusts from a state of shortage back to equilibrium.
9. Describe a real-world example of a product that experienced a significant surplus and its effects on the market.
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