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What is the term for a situation where quantity demanded is greater than quantit

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Question: What is the term for a situation where quantity demanded is greater than quantity supplied?

Options:

  1. Surplus
  2. Shortage
  3. Equilibrium
  4. Market failure

Correct Answer: Shortage

Solution: 

A shortage occurs when the quantity demanded exceeds the quantity supplied at a given price.

What is the term for a situation where quantity demanded is greater than quantit

Practice Questions

Q1
What is the term for a situation where quantity demanded is greater than quantity supplied?
  1. Surplus
  2. Shortage
  3. Equilibrium
  4. Market failure

Questions & Step-by-Step Solutions

What is the term for a situation where quantity demanded is greater than quantity supplied?
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