What occurs when the amount demanded is greater than the amount supplied?

When the amount demanded is greater than the amount supplied, it creates a situation known as a shortage. This occurs when consumers want to purchase more of a product than is available at a given price level. As demand outstrips supply, there are not enough products to satisfy the consumers' needs and wants, leading to empty shelves and long lines for the remaining items.

In economic terms, this often results in upward pressure on prices since consumers are willing to pay more to obtain the scarce good. As prices rise, it's likely that suppliers will respond by increasing production or that consumers will start to look for alternatives, eventually moving the market toward a new equilibrium where supply matches demand.

The other concepts mentioned do not pertain directly to the scenario of excess demand. A surplus refers to a situation where supply exceeds demand, equilibrium price is the point where the quantity demanded equals the quantity supplied, and opportunity cost involves the trade-offs made when choosing one option over another. Therefore, the presence of a shortage highlights the imbalance between demand and supply.