At the current price of good Y, there is a shortage.As a result, we would expect:

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Whenever there is a shortage, there is excess demand for the good, which puts upward pressure on the price. This leads to an increase in the price of good Y. As the price increases, the quantity demanded by consumers decreases because some consumers are discouraged by the new higher price. Meanwhile, the quantity supplied by producers increases, as they find it profitable to sell more of the good at the higher prices. Therefore, we expect the quantity demanded to decrease, and quantity supplied to increase, resulting in a movement along the demand and supply curves.

At the Current Price of Good Y, There Is a Shortage.As