Consider the following statement.  VIRGO HODLER: “Bitcoin’s price will keep going up because there is a fixed quantity of Bitcoin that can be mined, and therefore supply is fixed . All of you who are into gold and silver bullion are cringe. #Poggers!”  What is the main economic problem with Virgo Hodler’s argument? (A) Demand also factors into price.  (B) Even if quantity is fixed, market supply can fluctuate.  (C) Ad Hominem.  (D) A and B.

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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.