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better wording
A '''shortage''' is the excess in quantity demanded above the quantity supplied. This occurs when the seller used a price that was below the market equilibrium price. When the seller increases its price, fewer consumers will buy the good and the shortage will disappear.
A '''shortage''' is a situation where the demand for something is greater quantity supplied. This occurs when the seller used a price that was below the market equilibrium price. When the seller increases its price, fewer consumers will buy the good and the shortage will disappear.
In the example of the imaginary goods of "widgets", when [[demand]] for a [[widget]] at a given price exceeds [[supply]], there is a shortage. A shortage tends to drive the price of the widget up.
In the example of the imaginary goods of "widgets", when [[demand]] for a [[widget]] at a given price exceeds [[supply]], there is a shortage. A shortage tends to drive the price of the widget up.
[[Category:Economics]]
[[Category:Economics]]