When the market price is below the equilibrium, it results in a situation known as a shortage. A shortage occurs when the quantity demanded by consumers exceeds the quantity supplied by producers at that price level.
This imbalance between supply and demand leads to increased competition among consumers to purchase the limited goods available. As more consumers want to buy the product than there are units available, they may be willing to pay higher prices. This, in turn, encourages producers to increase their output to meet the rising demand.
In the market, this dynamic typically pushes the market price up. Eventually, as the price rises, the quantity demanded will decrease while the quantity supplied will increase, moving the market back towards the equilibrium point where supply equals demand.