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HELP! When demand shifts right and supply remains the same, decide whether a surplus or a shortage occurs and explain why you came to this?
When demand shifts right and supply remains the same, decide whether a surplus or a shortage occurs and explain why you came to this conclusion.
1 Answer
- 5 years ago
A shortage occurs at the original price level. When there is a rise in demand, more people are willing and able to purchase the goods or services. However, there is insufficient supply to meet that demand. However, given time, producers will produce more to meet the demand and a new equilibrium price and quantity will be determined. You can google price mechanism for an even more detailed explanation about the whole process.
