1.   However, a surplus or excess supply still exists and competition among sellers will once again bid down the price of corn.

2.   In particular, the real wage will adjust spontaneously soas to prevent the emergence of excess supply in the labour Market.

3.   Initially we assume that there is excess supply in both Markets.

4.   Traders said intensifying worries about falling prices and excess supply have sent investors scurrying from the semiconductor sector.

5.   When the market is in equilibrium there can be no excess demand for, or excess supply of, any investment asset.

6.   A fall in price of sufficient magnitude would ultimately ensure that the initial excess supply would be eliminated.

7.   A state of general excess supply in the labour market could therefore be depicted in a manner which the classical economists would instantly recognize and find acceptable.

8.   The analytical core which Keynes shared with Pigou did not extend to their respective prognoses of how an economy responds to excess supply in the labour market.