"shortage" has no meaning in economics https://twitter.com/Static__Age/status/1316359724321910785 …
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Replying to @MorlockP
idk, I'd call "insufficient quantity supplied to meet quantity demanded" a "shortage" in classical microecon that can't happen, but, frictionless vacuum and all, IRL it sorta often does price ceilings, sudden demand spike (hi 2020), etc etc
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Replying to @ded_ruckus
neither quantity supplied nor quantity demanded are numbers; they are curves curves that intersect SOMEWHERE
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Replying to @MorlockP
? usage I learned was that "supply" is a curve, "quantity supplied" is a number at a specific price point so if you've got a shortage, that indicates that your price point is too low ...but that happens IRL somewhat often, for whatever reason
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Replying to @ded_ruckus
supply is a curve and demand is a curve, and the point of intersection gives you quantity supplied / demanded, and price supplied / demanded
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Replying to @MorlockP
right but if the price at which transactions are happening is not the market clearing price, for some reason, then quantity supplied and quantity demanded won't be the same correct?
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I find that it's often helpful to make up concrete examples and work them through ; this helps make abstract stories about curves more tractable, and sometimes the "paradoxes" you perceive, or complications, disappear
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