1. What is a Shortage? A Shortage is a situation is which demand for a produc exceeds the available supply 2. Graph a shortage. P D 3. What is a Surplus? A surplus describes the amount of an asset or resource the portion that's actively utilized 4. Graph a surplus. P Surplus 3 5. What is equilibrium? Equilibrium is the state in which market supply and dema each other, and as a result prices become stable 6. Graph equilibrium. P -N G DOT Equilibrium price = $3 (Qd = Q5 ) 10 20 30 40 50 60 70 80 Q 7. How do price signals help suppliers know what to produce? 8. What is economic elasticity? Elasticity is about determining how much more on how much tis 9. Define the economic terms elasticity and elasticity