Suppose the supply of frozen pizzas is given by the following equation: Qs=21P-20 a) On a graph, Plot a point at the horizontal intercept of the supply curve. b) Plot a point at the vertical intercept of the supply curve. c) Find the equilibrium price and quantity in the market for frozen pizzas. Indicate the equilibrium price and quantity on the graph. Connect your points and label your curve.

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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.