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Question
Microeconomics
Posted 7 months ago
Which of the following terms describes a situation in which there is an excess quantity demanded in a market?
Choose 1 answer:
(A) Surplus
(B) Shortage
(c) Excess supply
(D) Equilibrium
(E) Efficiency
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Answer from Sia
Posted 7 months ago
Solution
a
Definition of Shortage: A shortage occurs when the quantity demanded of a good exceeds the quantity supplied at a given price
b
Excess Quantity Demanded: When there is an excess quantity demanded, it means that the demand for a product is higher than the supply available at the current price, leading to a shortage
Answer
(B) Shortage
Key Concept
Shortage
Explanation
A shortage describes a situation where the quantity demanded exceeds the quantity supplied at a given price, leading to an excess quantity demanded in the market.
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