4 ms·
It is a shortage until prices rise, quantity demanded goes down, quantity supplied goes up and a new equilibrium is attained. This might take a few minutes, or
by mdavis6890 5y ago
It is a shortage until prices rise, quantity demanded goes down, quantity supplied goes up and a new equilibrium is attained. This might take a few minutes, or even milliseconds, or it might take many months, or it might never happen.