If the government fixed maximum price of product below the market price then product will have?

Excess Demand.

The correct answer is Option (3) → Excess Demand.

When the government fixes the maximum price (price ceiling) below the market equilibrium price, the product becomes cheaper than what it would be in a free market. This leads to:

• Higher demand (since consumers want to buy more at the lower price), and

• Lower supply (since producers may not find it profitable to sell at the lower price).

This mismatch between high demand and low supply results in excess demand or shortage in the market.