What is meant by "Excess Demand" in Marcroeconomics?
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microeconomics, 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 demandfunction minus its supply function.
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Excess demand refers to a situation when aggregate demand is in the excess of aggregate supply corresponding to full employment in an economy .
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