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Shortage
A condition under that the quantity demanded for a good or service exceeds the available supply for that good or service. Shortages usually cause a rise in price to restore market equilibrium in the short term.
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Budget Constraints * The Budget Line - The budget line indicates all the combinations of 2 commodities for which total money spent equals the total income. * The Budget
Allocative efficiency criteria are satisfied by the competitive model. Because P = MC, in each market in the economy there is no over- or under- allocation of resources in this ec
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