Basic Economic Concepts

The quantity supplied will exceed the quantity demanded

The quantity demanded will exceed the quantity supplied

The market will remain unaffected by the imbalance

The price will adjust to restore equilibrium

A condition in a market where the quantity supplied equals the quantity demanded at an optimal price level

The point at which prices are fixed and cannot change

The point at which quantity supplied exceeds quantity demanded

The point at which quantity demanded exceeds quantity supplied

The price increases.

There is no effect on the price.

The price stays the same.

The price decreases.

Shortage

Disequilibrium

Equilibrium

Surplus

At the highest point on the supply curve.

Where the supply curve is above the demand curve.

Where the supply curve intersects with the demand curve.

At the lowest point on the demand curve.

The supply would decrease

The supply would increase

The supply would remain unchanged

The supply wouldn't change, but this could influence other market factors

The supply would decrease

The supply would increase

The supply wouldn't change, but this could influence other market factors

The supply would remain unchanged

A surplus will be present

There will be no impact on the market

The quantity demanded and supplied will be equal

A shortage will be present

The equilibrium price and quantity both decrease

The equilibrium price and quantity both increase

The equilibrium price decreases and the quantity increases

The equilibrium price increases and the quantity decreases

There is no change to the supply curve.

The supply curve shifts right (or outward).

The supply curve shifts left (or inward).

The demand curve shifts right (or outward).