Question

Suppose that there is a news report of a shortage of gasoline what does this mean if the market system were left alone how would this shortage be eliminated

Answer 1

A shortage is a term used to refer to the supply not being enough to accommodate the needs of all its users. This means that the gasoline supply may run out if not replenished and used properly. The shortage be eliminated by replenishing the supply or limiting the activities that would require the use of gasoline.