​In a market where the equilibrium price is $7,any price lower than $7 would cause

A) ​a balanced demand and supply
B) an excess supply
C) an excess demand
D) ​none of the above

Equilibrium Price

The price at which the quantity of goods demanded equals the quantity of goods supplied.

Excess Demand

Excess demand occurs when the quantity demanded of a product or service exceeds the quantity supplied at the current price, leading to shortages.

Excess Supply

A market situation where the quantity of a good or service offered is greater than the quantity demanded by consumers.