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.
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.
Quantity of a good: The quantity of a good which buyers demand is found out by the price of the good, income, the prices of associated goods, expectations, tastes, and the number of buyers.
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