Supply and Demand

When the market is in a state of perfect balance

When the price is at its highest point in the market

When the quantity demanded is less than the quantity supplied

When the quantity demanded does not equal the quantity supplied

There is no change in market conditions or equilibrium quantity sold.

Demand increases due to the higher perceived value of the product.

Surpluses may occur because the higher price reduces quantity demanded.

Shortages occur because demand exceeds supply at that price level.

Supply shifts rightward resulting in a lower equilibrium price but higher quantity.

Demand shifts rightward leading to a higher equilibrium price and quantity.

Demand shifts leftward causing both equilibrium price and quantity to decrease.

Supply shifts leftwards resulting in an increased equilibrium price but decreased quantity.

Price paid by buyers increases and quantity exchanged decreases.

Supply curve shifts rightward causing an excess supply at original equilibrium price.

The quantity demanded significantly increases due to buyer competition for limited supply.

Price received by sellers decreases but quantity exchanged remains constant.

There is no change in the equilibrium price.

The equilibrium price decreases.

The equilibrium price increases.

The market becomes perfectly competitive.

Excess supply

At equilibrium

Excess demand

Shortage

The imposition of tax has no effect since gasoline is a necessity and its consumption remains unchanged.

The supply curve shifts left, increasing gas prices with relatively inelastic demand resulting in limited change in quantity demanded.

The supply curve shifts right, leading to lower gas prices and increased consumption exacerbating emissions issues.

The demand curve becomes more elastic, significantly reducing gas consumption and carbon emissions.

Price increases

Price becomes indeterminate

Price remains unchanged

Price decreases

Shortage

Surplus

Market equilibrium

Market disequilibrium

Prices drop because consumers expect inferior quality oranges after the hurricane.

Demand decreases due to higher prices resulting from speculation about shortages.

The supply curve shifts left, leading to higher prices and lower quantities.

Supply increases preemptively as producers attempt to sell more before their stocks spoil.