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Definition of shortage

Definition of shortage: It is a condition in which quantity demanded is more than the quantity supplied.

The sellers will respond to the shortage by increasing the price of the good till the market reaches the equilibrium.

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  • Q : Definition of shortage Definition of

    Definition of shortage: It is a condition in which quantity demanded is more than the quantity supplied. The sellers will respond to the shortage by increasing the price of the good till the market reaches the equi