Excess And Shortage

Question 1

Excess

Answer 1

Excess is also know as surpless

When there is excess supply to get back to equilibrium the suppliers will decrease the price to get rid of excess

Question 2

Shortage / excess demand

Answer 2

This is where there is little demand.

To get back to equilibrium price will be increased to get to a place where everyone is happy

Question 3

Excess

Answer 3

Excess is where the price is set too high so excess supply is created

Question 4

Excess demand

Answer 4

Excess demand is where the round is set below equilibrium price