What happens when the quantity of a good supplied at a given price is greater than the quantity demanded

The correct answer is a surplus (aka excess supply) .

Any time a supply is larger than the demand, there will be a surplus. This is due to the fact that there is more of a product than desired by the consumers.

In this case, businesses will often lower prices so that they do not have excess goods. However, if the prices are too low and their is more demand than supply, that results in a shortage. Businesses are constantly adjusting their strategies to try to predict the demand and supply of products in order to satisfy the consumers needs/wants.

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