What can cause the market demand curve for oatmeal to shift leftward (a decrease in demand)? An increase in the price of oatmeal An increase in the price of cold cereals -- a substitute for oatmeal An increase in the price of raisins -- a complement to oatmeal An announcement from the American Heart Association stating that oatmeal promotes good heart health

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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.