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

Question

Quizplus · Accepted Answer

Excess demand occurs when the quantity demanded of a product exceeds the quantity supplied at the current market price. This leads to a shortage, which means that buyers are willing to purchase more of the product than is available for sale. A surplus, on the other hand, occurs when the quantity supplied exceeds the quantity demanded, which would be the opposite of excess demand. And an excess supply is not the same as excess demand.

An Excess Demand for Some Product Is the Same Thing