According to the rationing function of prices,a competitive market will:

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The rationing function of prices refers to how prices allocate scarce resources to those who are willing and able to pay the most for them. In a competitive market, the forces of supply and demand will eventually reach an equilibrium price where the quantity demanded equals the quantity supplied. At this price, shortages (where the quantity demanded exceeds the quantity supplied) and surpluses (where the quantity supplied exceeds the quantity demanded) are both eliminated. Therefore, a competitive market will do all of the above - achieve an equilibrium price, eliminate shortages, and eliminate surplus.

According to the Rationing Function of Prices,a Competitive Market Will