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rewona [7]
3 years ago
12

When quantity demanded exceeds quantity supplied at the current market price, the market has a shortage, and market price will l

ikely rise in the future to eliminate the shortage.
a. true
b. false?
Business
1 answer:
Alik [6]3 years ago
8 0
True.

However, the question should be clear it is a free market where market forces rule, therefore a shortage will cause some consumers to be willing to pay higher prices and producers will see benefit and revenue, thus producing more and resolving the shortage.
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Answer:

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The amount of welfare lost is measure by the difference between consumer and producer surplus.

In the first case:

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And in the second case:

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