question 4 of 8 what happens when the demand for a product or service is greater than the supply at the…

question 4 of 8 what happens when the demand for a product or service is greater than the supply at the current market price? surplus balance shortage equilibrium

question 4 of 8 what happens when the demand for a product or service is greater than the supply at the current market price? surplus balance shortage equilibrium

Answer

Brief Explanations:

In economics, when demand exceeds supply at the current market - price, there are not enough goods or services to meet the wants of consumers. This situation is called a shortage. A surplus occurs when supply is greater than demand, balance is a general term not specific to this situation, and equilibrium is when demand equals supply.

Answer:

C. Shortage