The market for hamster food is shown here.

Which of the following represents the shortage that would result in this market at a price of $P_{5}$ ?

Choose 1 answer:
(A) $Q_{C}-Q_{A}$
(B) $Q_{B}-Q_{C}$
(c) $Q_{C}$
() $Q_{A}-Q_{B}$
() $Q_{A}$

Question

The market for hamster food is shown here.

Which of the following represents the shortage that would result in this market at a price of $P_{5}$ ?

Choose 1 answer:
(A) $Q_{C}-Q_{A}$
(B) $Q_{B}-Q_{C}$
(c) $Q_{C}$
() $Q_{A}-Q_{B}$
() $Q_{A}$

Accepted Answer

∻Solution∻ ‖ a ⋮ Shortage Definition: A shortage occurs when the quantity demanded exceeds the quantity supplied at a given price. ‖‖ b ⋮ Price Level: At price $P_5$, the quantity demanded ($Q_C$) is greater than the quantity supplied ($Q_A$). ‖‖ c ⋮ Shortage Calculation: The shortage is calculated as the difference between the quantity demanded and the quantity supplied, which is $Q_C - Q_A$. ‖ ∻Answer∻ ⚹ (A) $Q_{C}-Q_{A}$ ⚹ ∻Key Concept∻ ⚹ Shortage occurs when demand exceeds supply at a given price. ⚹ ∻Explanation∻ ⚹ At price $P_5$, the quantity demanded ($Q_C$) is greater than the quantity supplied ($Q_A$), resulting in a shortage of $Q_C - Q_A$. ⚹◊What factors could cause a shortage in the market for hamster food at a price of $P_{5}$?⍭ Generate me a similar question◊

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