When a shortage occurs in a competitive market, there is an incentive for suppliers to:______.

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28-07-2022
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When a shortage occurs in a competitive market, there is an incentive for suppliers to:______.

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Tutorconsortium338 Tutorconsortium338 · Answer 1 · 2022-08-04T17:52:29+02:00

When a shortage occurs in a competitive market, there is an incentive for suppliers to "increase" the quantity of a good or service supplied to the market.

A Market Shortage occurs when there is excess demand- that is quantity demanded is greater than quantity supplied. In this situation, consumers won't be able to buy as much of a good as they would like.

What happens when a shortage occurs?

A shortage is a situation in which demand for a product or service exceeds the available supply. When this occurs, the market is said to be in a state of disequilibrium. Usually, this condition is temporary as the product will be replenished and the market regains equilibrium.

To learn more about competitive market shortages, click the links.

https://brainly.com/question/13121705

https://brainly.com/question/10385500

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Correct Question - When a shortage occurs in a competitive market, there is an incentive for suppliers to the quantity of a good or service supplied to the market.