The amount by which the quantity demanded exceeds the quantity supplied at a given price is a

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A market shortage is the situation where quantity demanded exceeds quantity supplied at a given price. This means there are more buyers than sellers in the market, creating excess demand. A market surplus (choice A) occurs when quantity supplied exceeds quantity demanded, leading to excess supply. Balance-of-payments deficit (choice C) refers to the situation where a country's imports exceed its exports, leading to a deficit in its balance of payments.

The Amount by Which the Quantity Demanded Exceeds the Quantity