Asked by
Nicole Mendez
on Oct 13, 2024
Verified
When there is a shortage
A) quantity demanded is greater than quantity supplied.
B) quantity supplied is greater than quantity demanded.
C) quantity demanded is equal to quantity supplied.
Shortage
A situation where the demand for a product exceeds the supply available at a specific price.
Quantity Demanded
The overall volume of a product or service that consumers are ready and capable of buying at a certain price.
Quantity Supplied
The overall quantity of a product or service that suppliers are prepared to offer for sale at a certain price during a defined time frame.
- Comprehend the consequences of abundance and deficiency on market states and the process by which they align to attain equilibrium.
Verified Answer
JM
Learning Objectives
- Comprehend the consequences of abundance and deficiency on market states and the process by which they align to attain equilibrium.