Question

when economists speak of a shortage, they mean a situation in which a. the market price is below the equilibrium price. b. the quantity demanded exceeds quantity supplied. c. some consumers are unable to make a purchase at the current price. d. all of the above. e. a and b only

Explanation:

A shortage occurs when the market price is below the equilibrium price, leading to quantity demanded exceeding quantity supplied. Some consumers may be unable to make a purchase at the current price. All these describe the situation of a shortage.

Answer:

D. all of the above