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.
Can someone please help me in finding out the accurate answer from the following question. Firms which agreed to hire only workers who were already the union members would be operating: (1) Agency shops. (2) Bilateral monopolies. (
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This needs to be identified that general abandonment of supposition of perfect competition, universal adoption of supposition of monopoly, need to have extremely destructive consequences for economic theory.”
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