Complete the following sentence. If the quantity demanded exceeds the quantity supplied, then there is: Select one: a shortage and the price is below...

Complete the following sentence. If the quantity demanded exceeds the quantity supplied, then there is:

Select one:

a. a shortage and the price is below the equilibrium price.

b. a shortage and the price is above the equilibrium price.

c. a surplus and the price is below the equilibrium price.

d. a surplus and the price is above the equilibrium price.

e. a surplus and the price is at the equilibrium price.