Question

Consumers demand more shoes than sellers are willing to supply, at the given price. This means that there is a(n) _____ of shoes.

surplus
shortage
equilibrium

Answer 1

'Shortage' is the answer. That means that there is not enough.

Surplus is when there is more than what is needed, and Equilibrium is when there is a balance.

Answer 2

I believe the correct answer from the choices listed above is the second option. Consumers demand more shoes than sellers are willing to supply, at the given price. This means that there is a shortage of shoes. A shortage occurs whenever quantity demanded is greater than quantity supplied at the market price.