A shortage in a market occurs at a a. price above equilibrium price. b. price below equilibrium price. c. price at which quantity demanded is less than quantity supplied. d. price at which quantity supplied is equal to quantity demanded. 2. At equilibrium in a market a. all gains from trade have been realized. b. quantity demanded is greater than quantity supplied. c. there are still further gains from trade to be realized. d. quantity demanded is less than quantity supplied. 3. At a surplus in a market, Oa. quantity demanded is equal to quantity supplied. Ob. quantity demanded is less than quantity supplied. Oc. demand is greater than supply. Od. quantity demanded is greater than quantity supplied.