What market state occurs when consumers are unsatisfied with a product due to limited supply?

A situation where consumers are dissatisfied with a product due to limited supply is referred to as a shortage. In this state, the demand for a product exceeds its supply, leading to consumers being unable to purchase the quantity they desire at the current price. When a shortage occurs, it creates an imbalance in the market, where not enough of the product is available to satisfy consumer demand. This often results in increased prices as consumers compete for the limited products available, further emphasizing the dissatisfaction experienced by those who cannot obtain the items they want. Understanding this concept is crucial as it highlights the dynamics between supply, demand, and consumer satisfaction in a market economy.