When there is a shortage in a market, price will tend to ; and when there is a surplus in a market, price will tend to . Equilibrium exists in a market when the maximum buying price is the minimum selling price.

Rise

Fall

True

Explanation:

When there's a shortage in the market, Demand exceeds supply, this would lead to a rise in price.

When there's a surplus, supply exceeds demand and prices would fall.

At equilibrium, the quantity demanded equals the quantity supplied .

At equilibrium, consumers would be willing to buy at that price or price lower than equilibrium price. While, sellers would be willing to sell at that price or prices higher than equilibrium price.

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