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.
Excess demandclick for a larger image
Fig. 64 Excess demand.

excess demand

or

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.

References in periodicals archive ?
Senators Marco Rubio (R-FL) and Richard Blumenthal (D-CT), and Congresswomen Jenniffer Gonzlez-Coln (R-PR) and Marcy Kaptur (D-OH), led 29 Senators and 63 Representatives in a letter to Food and Drug Administration (FDA) Commissioner Scott Gottlieb regarding the current shortage of IV saline and other critical medical products.
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There needs to be initiatives put in place to address the shortage of nurse educators and RNs.
associate director of the drug shortages program in the FDA's Center for Drug Evaluation and Research, said in the statement.
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The measurement of skill shortages and gaps to an extent is dependent on the definition of skill shortages used.
WHEREAS, The National League for Nursing identifies the shortage of nurse educators as a root cause of the shortage of nurses in the United States; and
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SLD shortages also can disrupt treatment of drug-susceptible TB in patients who cannot tolerate first-line drugs and can complicate the treatment of MDR TB and XDR TB, putting patients and communities at greater risk for morbidity and mortality.
The intent is to establish a formal process by which the FDA can collaborate with manufacturers in order to take actions which could prevent or mitigate drug shortages.