​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

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.

Equilibrium Price

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