. What is the relationship between quantity demanded and quantity supplied at equilibrium? What is the relationship when there is a shortage? What is the relationship when there is a surplus?

For example, in the table showing the demand and supply schedule for T shirt at different prices (see file attached), the equilibrium price for a unit of T shirt is $3, at equilibrium, QD = QS (i.e. 30 = 30).

A shortage is recorded when the price of T shirt falls below equilibrium price of $3 as shortage of T shirt is recorded, i.e. @ $2, QD>QS (40>20). A shortage of 20 is recorded.

Surplus occurs as price increases above equilibrium price of which QD<QD, i.e. @ $4, a surplus of 20 is recorded.

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