Authors libby rittenberg 156
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pounds would be demanded per month. When more coffee is demanded
than supplied, there is a shortage.
Figure 3.16 A Shortage in the Market for Coffee
At a price of $4 per pound, the quantity of coffee demanded is 35
million pounds per month and the quantity supplied is 15 million
pounds per month. The result is a shortage of 20 million pounds of
coffee per month.
In the face of a shortage, sellers are likely to begin to raise their prices. As
the price rises, there will be an increase in the quantity supplied (but not a
change in supply) and a reduction in the quantity demanded (but not a
change in demand) until the equilibrium price is achieved.
Attributed to Libby Rittenberg and Timothy Tregarthen
Saylor URL: />
Saylor.org
156
