In a market with price controls, there can be or of goods and services. a.) excess demand, equilibrium amounts b.) equilibrium prices, equilibrium quantities c.) shortages, surpluses

In a market with price controls, there can be shortages or surpluses of goods and services. A shortage in goods or services means that there is not enough supply to cover the demand of the items. The quantity of the goods or services that is supplied is less than what is demanded. In this case, there are not enough products for consumers to purchase. A market surplus means there is is too many goods or people available for services but the demand from consumers is not there. This causes businesses to have too much goods available.

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