Question

When people cannot buy all of a good they demand at the going price, there is a:?

Answer 1

shortage

Step-by-step explanation:

Here are the options to this question :

there is a monopoly profit for suppliers.

shortage

price floor

lack of technological progress.

There is a shortage when demand for a good exceeds supply. The price at this point is below equilibrium price. As a result of the shortage, prices would rise until it reaches equilibrium price.

A price ceiling not a price floor is usually associated with an excess of demand over supply

Price ceiling is when the government or an agency of the government sets the maximum price for a product. It is binding when it is set below equilibrium price.