Which of the following will result in a DECREASE in demand (i.e., a leftward shift of the demand curve)? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a b с An increase in income, if the good is normal. A decrease in the price of a complement to the good. An increase in the price of a substitute for the good. Erla abeun

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Market Surplus and Shortage Analysis

In everyday language, a “surplus” indicates that there is an excess of something, while a “shortage” means that there is a scarcity of it. In economics, “market surplus” refers to the condition where the quantity of a certain good more available than what is required or “demanded” by the market. In the same way, a “market shortage” refers to the condition where the quantity of a certain good is less available than what is “demanded” by the market. If quantity in demand is written as Qd and quantity that is supplied is written as Qs, then, the condition Qs > Qd indicates market surplus and condition Qd > Qs indicates market shortage.