Bond's Gym has developed a reputation for great customer service and low monthly membership fees. Due to this reputation, the gym has reached the maximum number of monthly memberships that can be sold, but it still has a large number of new customers who want to join. In this situation, Bond's Gym is experiencing __________. This means that there are applicants who want to join the gym.

a) Excess demand
b) Excess supply
c) Equilibrium
d) Shortage