Final answer:
A shortage is the amount by which the quantity supplied at a given price exceeds the quantity demanded.
Step-by-step explanation:
The amount by which the quantity supplied at a given price exceeds the quantity demanded is called a shortage.
In a shortage, the quantity demanded exceeds the quantity supplied, resulting in a situation where consumers are willing to buy more of a product than producers are willing to supply at a given price. This can lead to higher prices and potential market inefficiencies.
For example, if the price of a popular video game console drops significantly, the quantity demanded may exceed the quantity supplied, creating a shortage where consumers are willing to buy more consoles than the producers can supply.