Asked by
brayden baltz
on Nov 17, 2024
Verified
A shortage is the same as an excess demand.
Excess Demand
A situation where the quantity demanded of a good or service exceeds the quantity supplied at the current price.
Shortage
A situation in a market where the demand for a product exceeds the supply, resulting in a lack of enough goods to satisfy consumer demand.
- Understand the basic principles of market economics including the roles of supply and demand.
Verified Answer
SL
Learning Objectives
- Understand the basic principles of market economics including the roles of supply and demand.