A shortage occurs when the demanded quantity of a good or service exceeds its supplied quantity and this causes an increase in price.
<h3>What is Equilibrium Price?</h3>
This refers to the place where the supply of goods meets demand and the supply and demand are balanced.
Hence, we can see that when there is a shortage, the thing that would happen to the equilibrium price and quantity would be a price rise until the shortage is removed and the quantity supplied equals the quantity demanded.
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