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Video Game Console Market Scenario
A company releases a new video game console at a price of $499. At this price, the number of consoles produced is exactly equal to the number of consumers wanting to buy one. A few weeks later, a highly anticipated, exclusive game is announced for the console, causing a massive surge in consumer interest. The company, however, keeps the console price at $499. Analyze the new situation in the market for the console at the $499 price. Specifically, describe the relationship between the quantity of consoles consumers now want to buy and the quantity available, and identify the resulting market condition.
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