Consider the market for pizza in Starkville. Which of the following will shift the demand curve for pizza to the right? Group of answer choices The departure of college students, as they leave for summer vacation An increase in the price of Coke, a complement to pizza A decrease in the price of pizza An increase in the price of hamburgers, a substitute for pizza

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A:

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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.