Clearing
Clearing is the process by which, in an economic market, the supply of whatever is traded is equated to the demand so that there is no excess supply or demand. The new classical economics assumes that in any given market, assuming that all buyers and sellers have access to information and that there is no "friction" impeding price changes, prices always adjust up or down to ensure market clearing.
The market is cleared when the price brings demand and supply into balance, allowing anyone to purchase or sell whatever they want at that price. A market clearing occurs when supply and demand are equal. There must be a shortage or surplus if the market needs to clear. A shortage refers to buyers wanting to acquire something but being unable to do so at current prices, while a surplus refers to the excess product beyond the amount that buyers will acquire at current prices. New classical economics does not assume perfect information in the short run, but markets may approach efficient outcomes as information is discovered [Econlib].
If the sale price is higher than the market-clearing price, supply will exceed demand, and a surplus inventory will build up over the long run. If the sale price is lower than the market-clearing price, then demand will exceed supply, and in the long run, shortages will result, where buyers sometimes find no products for sale at any price [Business.baylor.edu].
New Classical Economics and Efficient Markets. Business.baylor.edu. Retrieved from: https://business.baylor.edu//Tom_Kelly/New%20Classical%20Economics%20and%20Efficient%20Markets.htm
New Keynesian Economics. Econlib. Retrieved from: https://www.econlib.org/library/Enc/NewKeynesianEconomics.html