Answer: A: a situation in which the demand for a good or service is greater than the amount supplied in a market.
In economic language, a shortage is best defined as a situation in which the demand for a good or service is greater than the amount supplied in a market.
Explanation:
Shortage in economics occurs when the quantity demanded of a good (product) or service exceeds or is more than the quantity supplied which causes an unfulfilled demand. When this happen, the market is not in equilibrium because at equilibrium the quantity demanded equals the quantity supplied at the market price. Shortage can occur due to increase in demand, fixed price, government intervention, decrease in supply and so on.
