In economics, what do we mean by the term shortage? In unregulated competitive markets, are there ever

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In economics, what do we mean by the term shortage? In unregulated competitive markets, are there ever shortages? Have you ever heard noneconomists use the term shortage with a different meaning?

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Microeconomics Theory and Applications

ISBN: 978-1118758878

12th edition

Authors: Edgar K. Browning, Mark A. Zupan

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Question Posted: Nov 14, 2014 08:20 AM

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In economics, what do we mean by the term shortage? In unregulated competitive markets, are there ever

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A shortage or an excess demand exists when the quan...View the full answer

Microeconomics Theory and Applications

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