Characteristics of Equilibrium Include:

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A shortage occurs when:

the quantity of output demanded is greater than the quantity of output supplied at the current market place

For a market to reach equilibrium,

-Consumers need information about different suppliers' prices
-Firms must be able to change the prices of their goods
-Firms must be able to monitor inventories

In equilibrium:

The supply and the demand are equal

When the quantity supplied of a good, service, or resource equals the quantity demanded, this quantity traded is known as the:

Equilibrium quantity

Quantity of output supplied is greater than the quantity of output demanded at the current market price:

Surplus

Shortages and surpluses are represented by the:

horizontal distance between the quantity demanded and the quantity supplied

Increased scarcity and inefficiency will result when:

the market is in disequilibrium

A surplus occurs when:

the quantity of output supplied is greater than the quantity of output demanded at the current market price