At a fish market in Bridgetown, Barbados, the price of flying fish is $12 per pound. At this price, fishermen want to sell 500 pounds but consumers only want to buy 300 pounds. This situation represents:

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Question

At a fish market in Bridgetown, Barbados, the price of flying fish is $12 per pound. At this price, fishermen want to sell 500 pounds but consumers only want to buy 300 pounds. This situation represents:

Accepted Answer

A surplus in the market — Award 1 mark for identifying that quantity supplied (500) exceeds quantity demanded (300), creating excess supply or surplus. A is incorrect — equilibrium occurs when quantity supplied equals quantity demanded. B is incorrect — a shortage occurs when demand exceeds supply. D is incorrect — inelastic demand describes responsiveness to price, not market disequilibrium.

Answer

A surplus in the market

Answer

A shortage in the market

Answer

Market equilibrium

Answer

Inelastic demand

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