This scenario illustrates the concept of "shortage." A shortage occurs when the demand for a product exceeds the supply available. In this case, even though the price of the video game was lowered, the store is completely sold out, indicating that there is not enough supply to meet the demand from customers who want to purchase the game.
Shortage example:
Imagine a limited edition of a popular toy is released during the holiday season. Many people rush to buy it, but the stores run out of stock quickly due to high demand. This situation represents a shortage where the quantity demanded exceeds the quantity supplied.
By understanding the concept of shortage, you can recognize when there is an imbalance between supply and demand in the market, leading to situations where products may become unavailable despite consumers wanting to purchase them.
