"shortage" has no meaning in economics https://twitter.com/Static__Age/status/1316359724321910785 …
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you try offering $5/hr and get 0, you up your offer to $10/hr and you get 3 who apply - so you're set. You've learned a little bit about the supply curve. You know where it intersects your demand curve.
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"price at which transactions are happening" IS the market clearing price, unless you want to explain some weird situation I'm not thinking ofhttps://twitter.com/ded_ruckus/status/1316441817416597505 …
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