16 April, 18:46
When quantity demanded exceeds quantity supplied at the current market price, the market has a shortage, and market price will likely rise in the future to eliminate the shortage.
16 April, 19:15
However, the question should be clear it is a free market where market forces rule, therefore a shortage will cause some consumers to be willing to pay higher prices and producers will see benefit and revenue, thus producing more and resolving the shortage.
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» When quantity demanded exceeds quantity supplied at the current market price, the market has a shortage, and market price will likely rise in the future to eliminate the shortage. a. true b. false?