Final answer:
When a commodity is in short supply, the cost tends to increase due to the basic principle of supply and demand in economics. This often leads to higher prices as suppliers look to maximize their profits.
Step-by-step explanation:
In economics, when a commodity is in short supply, the cost tends to increase due to the basic principle of supply and demand. The shortage occurs when the quantity demanded exceeds the quantity supplied at a given price. This often leads to higher prices as suppliers look to maximize their profits.
For example, during a shortage of gasoline, gas stations may run out of fuel because the demand exceeds the available supply. As a result, oil companies and gas stations may increase the price of gasoline to take advantage of the high demand, ultimately leading to higher costs for consumers.