There has been a severe and widespread supply shortage of goods and services in this country (and rest of world) due to prolonged shutdowns and extensive labor resignation/retirement throughout the global supply chain. Using the Demand and Supply framework, explain the meaning of shortage. Will the recently passed Infrastructure Investment and Jobs Act (2021) affect this situation? (Please use S-D graphs to support your answer). Continuing on with the situation described in \#1a above, despite the supply shortage of critical inputs, corporate profits for the biggest firms (especially those traded on Wall Street) continue to rise. Can you use an important micro-economic concept we learned in this class to reconcile these seemingly incongruent phenomena? There has been a severe and widespread supply shortage of goods and services in this country (and rest of world) due to prolonged shutdowns and extensive labor resignation/retirement throughout the global supply chain. Using the Demand and Supply framework, explain the meaning of shortage. Will the recently passed Infrastructure Investment and Jobs Act (2021) affect this situation? (Please use S-D graphs to support your answer). Continuing on with the situation described in \#1a above, despite the supply shortage of critical inputs, corporate profits for the biggest firms (especially those traded on Wall Street) continue to rise. Can you use an important micro-economic concept we learned in this class to reconcile these seemingly incongruent phenomena