'the prices for 2008 reflect the continuing excess demand in the global iron ore market,' Vale said in a statement confirming the price agreements.

淡水河谷在一份声明中证实了价格的上涨，并表示2008年的价格反映出全球铁矿石市场上供不应求的局面仍在继续。

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Section three shows demand and supply theory including how to achieve an equilibrium price and equilibrium quantity, the effects of excess supply and demand on market equilibrium.

第三节显示需求和供给理论，包括如何实现均衡价格和均衡数量，超额供给和需求对市场均衡的影响。

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But a jump in inflation caused by higher commodity prices and a rise in VAT in an economy with spare capacity is quite different from one caused by excess demand and a pay-price spiral.

ECONOMIST: The inflation scare

One more reason not to lose sleep over the surge in oil prices is that, unlike the rises in the 1970s, it has not occurred against the backdrop of general commodity-price inflation and global excess demand.

ECONOMIST: Oil��s pleasant surprise

Then, excess demand resulted in higher inflation, huge current-account deficits and rampant asset-price inflation.

ECONOMIST: China's economy