In microeconomics, excess demand, also known as shortage, is a phenomenon where the demand for goods and services exceeds that which the firms can produce. In microeconomics, an excess demand function is a function expressing excess demand for a product—the excess of quantity demanded over quantity supplied—in terms of the product's price and possibly other determinants.
In microeconomics, excess demand, also known as shortage, is a phenomenon where the demand for goods and services exceeds that which the firms can produce. In microeconomics, an excess demand function is a function expressing excess demand for a product—the excess of quantity demanded over quantity supplied—in terms of the product's price and possibly other determinants.
Source: Wikipedia "Excess demand function" · CC BY-SA 4.0
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