Refer to Figure 6-4. In graph (b) , there will be

A) a shortage.
B) equilibrium in the market.
C) a surplus.
D) lines of people waiting to buy the good.

Surplus

The amount by which quantity supplied exceeds quantity demanded, often resulting in excess goods and a decrease in prices.

Shortage

A situation in which demand for a good or service exceeds its supply in a market.

Equilibrium

Equilibrium is the state in a market where the quantity supplied equals the quantity demanded, resulting in market stability and no incentive for price changes.