An excess demand for some product is the same thing as
A)a surplus.
B)an excess supply.
C)black market.
D)a shortage.
E)price ceiling.

Name: An excess demand for some product is the same thing as A)a surplus. B)an excess supply. C)black market. D)a shortage. E)price ceiling.
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Question

Quizplus · Accepted Answer

Excess demand refers to a situation when the quantity of a product demanded by consumers in the market is more than the quantity supplied by producers, resulting in a shortage of the product.

An Excess Demand for Some Product Is the Same Thing