excess demand

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Excess Demand

Demand for a good or service well over supply. Excess demand leads to high prices for the good or service.

excess demand

see EQUILIBRIUM MARKET PRICE.

Fig. 64 Excess demand.

excess demand

shortages

a situation in which the quantity demanded (see DEMAND) of a product (OQ2 in Fig. 64) exceeds the quantity supplied (see SUPPLY) (OQ1) at the existing market price (OP). In competitive markets there will be an upward pressure on price, reflecting a shortage of the product, but where the price is controlled the excess could persist. See EQUILIBRIUM MARKET PRICE, Fig. 64 Excess demand. See entry.

EXCESS SUPPLY, PRICE CONTROLS.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005

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