Technically in a free market there wouldn't be any shortages because the prices will go through the roof. Food's still available, it's just that it costs a fortune. This is not what's happening right now because we don't have a free market, due to anti-price gouging laws.

Any price is illegal - Too low - product dumping Too high - price gouging same as everyone else - price fixing

I don't know why you're being down voted, especially since you're right.

The best part is when prices sky-rocket, people don't horde, and others see a chance to make some good money, so they switch to the new market. Its simple market signals.