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A market in which product availability exceeds demand is referred to as a buyer's market. In this scenario, consumers have a greater selection of products than there are buyers willing to purchase them, which often results in lower prices and increased negotiation power for consumers.

In a buyer's market, sellers may need to compete more aggressively to attract buyers, leading to favorable conditions for consumers who can choose from a wide variety of products and potentially negotiate better deals. This contrasts with seller's markets, where demand exceeds supply, and sellers can command higher prices due to increased competition among buyers.

The other options such as a free market imply an unrestricted economic system without central regulation; a black market refers to illegal trading of goods, and neither describes a situation where supply exceeds demand. Thus, the definition aligns perfectly with a buyer's market, highlighting the dynamics of supply and demand in economic transactions.