A price fixed above the equilibrium price of a product will cause a shortage of that product

The statement is False.

Reason: When the price ceiling is fixed above the equilibrium market price, at a higher price the consumers will be demanding lesser quantities of the good but the sellers will be supplying more quantities of the good. Thus we see that while the quantity demanded decreases, the quantity supplied increases, making the quantity supplied of the good in the market much greater than the quantity demanded of the good. This results in surplus (and not shortage) of goods in the market.