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2. When the market for a good is in equilibrium, there is (are):
no shortages or surpluses.
an increase in the quantity demanded of the good.
forces that induce a decrease in price.
excess demand.



Answer :

GinnyAnswer

Final answer:

Market equilibrium is the balance point where supply meets demand. Surpluses and shortages result from imbalances in the market.


Explanation:

Market equilibrium is the point where quantity demanded equals quantity supplied, determined by the intersection of demand and supply curves. A surplus occurs when supply exceeds demand, leading to a downward pressure on price. Conversely, a shortage happens when demand surpasses supply, causing upward pressure on price.


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