When a government imposes a binding price ceiling on a market, it typically leads to a situation where the quantity demanded exceeds the quantity supplied, resulting in __________.

When a government sets a binding price ceiling, it means they limit how high a price can go for a product or service. This usually happens when the government wants to make things more affordable for consumers. However, when the price is set too low, more people want to buy the product because it seems cheaper, leading to an increase in demand. At the same time, suppliers may not want to produce as much because they can't charge a higher price, which decreases the quantity supplied. For example, if the price of rent is capped at a low level, many people will want to rent apartments, but landlords may not find it profitable to rent out their properties, resulting in a shortage of available apartments.