When the Covid-19 pandemic hits, chicken sellers are likely to raise chicken prices due to rising costs. The government had to act by setting a ceiling price for the supply of chicken in the market. The original price of chicken is RM6 per kilo. At that time, it is assumed that the equilibrium quantity is 1000 chickens. But the government has set the ceiling price at RM8 only. Draw and briefly explain a curve that illustrates the situation where ceiling pricing takes place in the sale of chicken in the market.

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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.