quiz\nquestion 4 of 8\nwhat happens when the demand for a product or service is greater than the supply at…
quiz\nquestion 4 of 8\nwhat happens when the demand for a product or service is greater than the supply at the current market price?\nsurplus\nbalance\nshortage\nequilibrium
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 exceeds demand, balance is a general term not specific to this situation, and equilibrium is when supply equals demand.
Answer:
C. Shortage