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A shortage is when there is a LACK (not enough) of that particular resource/product/item. A surplus is when there is EXCESS, or too much of a resource/product/item.
Wiki User
∙ 15y ago
Wiki User
∙ 11y agoScarsity occurs when demand is larger than supply, surplus occurs when supply is larger than demand.
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What is the difference between a surplus and a deficit?
A surplus is more than needed, a deficit is a shortage or loss
What describes the situation that occurs when the equilibrum quantity has been reached?
there is no surplus or shortage
How does a surplus or a shortage of a good or service affect the market price?
A surplus or a shortage of a good or service affects the market price directly. When there is a surplus, the prices goes down and when there is a shortage the price increases due to the demand levels.
When does shortage and surplus occur?
A shortage occurs when quantity demand exceeds quantity supplied. A surplus occurs when quantity supplied exceeds quantity demanded.
Suppose the price of corn is 3.25 per bushel. is there a shortage or surplus of corn at that price?
there is a surplus
What is the difference between a surplus and a deficit?
A surplus is more than needed, a deficit is a shortage or loss
What describes the situation that occurs when the equilibrum quantity has been reached?
there is no surplus or shortage
What is the opposite of surplus?
The opposite of surplus (excess) is Deficit or Shortage.
How does a surplus or a shortage of a good or service affect the market price?
A surplus or a shortage of a good or service affects the market price directly. When there is a surplus, the prices goes down and when there is a shortage the price increases due to the demand levels.
When does shortage and surplus occur?
A shortage occurs when quantity demand exceeds quantity supplied. A surplus occurs when quantity supplied exceeds quantity demanded.
Suppose the price of corn is 3.25 per bushel. is there a shortage or surplus of corn at that price?
there is a surplus
What is the antonyms for surplus?
deficit famine shortfall shortage lack
What causes a shortage of goods price ceiling or price floor Which causes a surplus?
if, at a current price there is a shortage of a good
Does a surplus or shortage of workers play a role in how organizations recruit?
hahhahha
In competitive markets a surplus or shortage will?
a Decrease in quolity and demand of the other
Does a surplus or shortage of workers plays a role in how organization recruitment?
hahhahha
What describes the situation that occurs when the equilibrium quantity has been reached?
There is no surplus or shortage
