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Demand often exceeds supply and supply exceeds demand

“In the corn market, demand often exceeds supply and supply sometimes exceeds demand.” “The price of corn rises and falls in response to changes in supply and demand.” Among these 2 statements used correctly which in the terms “supply” and “demand”?  Explain.

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In the first statement “supply” and “demand” are used incorrectly. Supply and demand are both schedules and curves that intersect where quantity supplied and quantity demanded are equal.  One cannot talk of curves that intersect as exceeding or not exceeding each other.

Supply and/or demand can change (the entire curves can shift). Each time this happens, it will create a new intersection of the two curves that will lead to changes in the equilibrium quantity and price of corn.  Thus, the terms “supply” and “demand” are used correctly in the second statement.

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