A shortage occurs whenever
A) quantity demanded exceeds quantity supplied at the equilibrium price.
B) price is less than equilibrium price.
C) quantity demanded is less than quantity supplied.
D) goods are scarce.
E) some of the people who need the product are not willing and able to buy it at the equilibrium price.

Question

Quizplus · Accepted Answer

A shortage occurs when the price is set below the equilibrium price, leading to quantity demanded exceeding quantity supplied.

A Shortage Occurs Whenever