Some economists criticise high government spending and trade unions for creating market disequilibrium. However, trade unions may also play a key role in economic development. There are over 60 trade unions in Singapore, in both labour-intensive and capital-intensive industries. Define market disequilibrium.
Exam No：0455_w21_qp_21 Year：2021 Question No：5(a)
Answer:
When quantity demanded does not equal quantity supplied (2).
When there are shortages (1) or surpluses (1) of a product.
When there are shortages (1) or surpluses (1) of a product.
Knowledge points:
2.5.2 market disequilibrium; Definition, drawing and interpretation of demand and supply schedules and curves used to identify disequilibrium prices and shortages (demand exceeding supply) and surpluses (supply exceeding demand).
Solution:
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