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Describe what happens to a market when Supply and Demand are not in equilibrium. List two instances from your personal experience when you observed the "disequilibria" of supply and demand in a market, and what caused the market to come to equilibrium, if indeed it did.

Make sure you fully describe the economic condition stated in this problem from a theoretical and practical viewpoint. Fully support your statement with references.

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Shortages and surpluses are highlighted.

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Shortages and surpluses occur when there are disequilibria. Either demand exceeds supply (shortage) or supply exceeds demand (surplus). In general, this result when prices do not adjust to ...

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