Question

What is meant by excess demand and excess supply?

Answer 1

In economics, an excess supply or economic surplus is a situation in which the quantity of a good or service supplied is more than the quantity demanded,

and the price is above the equilibrium level determined by supplyand demand

and
an excess demand function is a function expressing excess demand for a product—the excess of quantity demanded over quantity supplied—in terms of the product's price and possibly other determinants. It is the product's demand

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Answer 2

Exceds demand - When the demand of commodity is more than the quantity supplied in given period of time.

Excess supply-When the quantity supplied is more then the quantity demand .