When quantity demanded is greater than quantity supplied,

A) there is a shortage.
B) price will rise until it gets back to equilibrium.
C) quantity supplied will rise and quantity demanded will fall.
D) all of the answers are true.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price in a given time period.

Quantity Supplied

The aggregate quantity of a product or service that suppliers are prepared and capable of selling at a particular price during a defined time frame.

Shortage

A condition where the quantity demanded of a good exceeds the quantity supplied at the market price.