What is a shortage in micro economics?

In microeconomics, a shortage occurs when the quantity demanded of a good or service exceeds the quantity supplied at a given price. This imbalance often leads to increased prices as consumers compete to purchase the limited available goods. Shortages can arise due to various factors, such as sudden increases in demand, supply chain disruptions, or price controls that prevent prices from rising to equilibrium levels. Ultimately, shortages can lead to inefficiencies in the market and may prompt government intervention or changes in production strategies.