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Nilanjan Bhowmick AIR 3, CSIR NET (Earth Science)
- UGC NET
- Economics
40. excess demand can be defined as (1) quanitity suppplied minus quantity demanded (2) (3) (4) quantity demanded plus quantity suppłied quantity demanded minus
40. Excess demand can be defined as (1) Quanitity supPplied minus quantity demanded (2) (3) (4) Quantity demanded plus quantity suppłied Quantity demanded minus quantity supplied Quantity supplied plus quantity demanded
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Harini
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correct option is (3) as the word excess demand means that demand is more than supply. the value of the quantity demanded minus quantity supply should be positive.
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Nidhi taparia
Excess demand, as the word evidently suggests, is the surplus of Quantity Demanded over and above Quantity Supplied, at any given price. The right answer is hence number (3). Have a look at the figure for better explanation. The portion marked by the arrows (between 200 and 600) depicts excess demand.