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| Topic: |
Business
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| Number of pages / Number of words: |
4 / 890 |
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Excess Demand
Excess demand is created when price is set below the equilibrium price. Because the price is so low, too many consumers want the good while producers are not making enough of it.
There are too few goods being produced to satisfy the wants (demand) of the consumers. However, as consumers have to compete with one other to buy the good at this price, the demand will push the price up, making suppliers want to supply more and bringing the price closer to its equilibrium...
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However, as consumers have to compete with one other to buy the good at this price, the demand will push the price up, making suppliers want to supply more and bringing the price closer to its equilibrium.
F. Shifts vs. Movement
For economics, the “movements†and “shifts†in relation to the supply and demand curves represent very different market phenomena:
1...
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