Answer:
shortage
Explanation:
Here are the options to this question :
there is a monopoly profit for suppliers.
shortage
price floor
lack of technological progress.
There is a shortage when demand for a good exceeds supply. The price at this point is below equilibrium price. As a result of the shortage, prices would rise until it reaches equilibrium price.
A price ceiling not a price floor is usually associated with an excess of demand over supply
Price ceiling is when the government or an agency of the government sets the maximum price for a product. It is binding when it is set below equilibrium price.
