Question

With the help of a diagram and supply schedule, explain the concepts of excess demand
and excess supply of a commodity. Also explain their effects on the price of
commodity.​

Answer 1

Answer:

Below is a diagram to illustrate how excess demand occurs in a market. ... Any factor which causes an increase in demand without accompanying changes in supply will create excess demand and prices have to rise in order to maintain equilibrium.

Answer 2

Answer:

where is the diagram but from question typed here I can make out some

for eg : now a days demand of masks has increased as well as supply so we can notice a variable price came on same product. Price will reduce due to competition