No it is not possible.

The very nature of your question, "is it possible to have a shortage" , reveals a lack of understanding in the free market.
- If price is free to adjust to demand as is the fundamental characteristic in a free market, there can never be a shortage.  

Even if all but one Bitcoin were lost it would/could be adjusted through a fork to allow infinite division, allowing everyone in the world to use it.  But the price for that last whole Bitcoin would represent the total capital value of the whole Bitcoin market.  

And if some family descendent of yours 100 years from now found the recovery seed key in a long lost safety deposit box you put your backup for a dozen BTC, ---they would own the world.