Both excess supply and excess demand are a result of

equilibrium.

disequilibrium.

overproduction.

elasticity.

Both excess supply and excess demand are a result of disequilibrium.

Equilibrium happens when supply meets the demand without any excess.

Overproduction happens when supply of good is more than the amount of goods demanded.

Elasticity is the measure of how an economic variable responds to the changes that occurs in another economic variable.