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By free market I am assuming that it means the government has no role in controlling the markets. If in such a market there occurs a shortage it will simply drive the prices high up by the demand and supply rule thus constricting the output only to those who outbid the other. The solution generally is a government control on this for example LPG in India is highly subsidised to make it affordable, but the solution is definitely not robust because the people with the ability to buy from the private market end up consuming subsidised products meant for the poorer sections.
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What is meant by the term shortage?
The term "shortage" is used to describe a situation where there is a lack of something. For example, during a drought, the newspapers would report this as a "water shortage".
What happens to price when a shortage exists?
Consumers bid up the price.
When producers will not or cannot offer goods and services at current price's a what happens?
Shortage. :)
What happens to prices when there is a shortage in the market?
The price goes up if the demand is high
What happens to the equilibrium when supply rises and demand stays the same?
Shortage will occur.
What is meant by the term shortage?
The term "shortage" is used to describe a situation where there is a lack of something. For example, during a drought, the newspapers would report this as a "water shortage".
What happens during a wolf's food shortage?
They eat you... (: Good Luck!
What happens to price when a shortage exists?
Consumers bid up the price.
What happens to prices when there is a shortage in the market?
The price goes up if the demand is high
When producers will not or cannot offer goods and services at current price's a what happens?
Shortage. :)
What happens when your dealing with a water shortage?
Dehydrated weaknesses uncleanliness less healthier
What happens to the equilibrium when supply rises and demand stays the same?
Shortage will occur.
What happens when supply is greater than demand?
The price declines until demand increases.
What happens to the price when there is a shortage of products?
The prices increases, because the demand is higher for the product, since there is less of it.
Describe some problems Singapore faced immediately after independence?
they faced shortage of food , lost of jobs , housing and education and shelters
What is land shortage?
Land scarcity is what happens when the demand for land is higher than the supply due to population growth.
If many people want to buy a product but not enough of product exists what is that called?
That is called a shortage of the product. A shortage happens whenever the demand (number of people wanting a product) is greater than the supply (quantity of available product).
