Excess demand for commodity
When do we state that there is an excess demand for a commodity in the market?
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If at a given price, the quantity demanded of a product surpasses its quantity supplied, there is an excess demand for product.
I have a problem in economics on Analytic Time-The Short Run. Please help me in the following question. Economists classify a time-period in which at least one resource is fixed as: (i) Short run. (ii) Long run. (iii) Production period. (iv) Profit period.
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