What term describes the situation when demand exceeds supply at a given price?

The term that accurately describes the situation when demand exceeds supply at a given price is "shortage." A shortage occurs when the quantity demanded by consumers is greater than the quantity that producers are willing and able to supply. This mismatch typically leads to upward pressure on prices, as consumers compete for the limited available goods or services.

In essence, a shortage indicates that at the current price level, there are not enough goods available to satisfy consumer demands. This scenario often prompts producers to increase production or raise prices, aiming to reach an equilibrium where supply meets demand. The concept of shortage is crucial in understanding market dynamics and price adjustments in economics, illustrating how markets respond to changes in consumer preferences and production capabilities.