The purpose of this research is to understand and explain the TFT LCD industry phenomenon of oversupply vs. shortage and its impacts on the prices and quantities of individual TFT LCD makers. Also, to look for any fixed effects (if any exist) due to specific company and due to specific time. We employ a fixed effect model to estimate impacts of individual traded quantity on price and impacts of individual price on traded quantity. Using the panel data covering 16 makers and 24 months, our results reveal that the TFT LCD panel is highly quantity inelastic of the traded price but greatly price elastic of the traded quantity. With regard to fixed effect, the empirical result reveals there were significant time effects of price for some periods of time while there were significant time effects of quantity for some sizes of panels. Supply and demand could be one of the factors determining the time effects. As to the company fixed effect, most of company fixed effects of quantity prices were found significant whereas company fixed effects of price were not. Market shares and country of origin can be significant factors determining the company fixed effect of quantity. Keywords: Panel Data, Fixed Effect Model, Quantity Elasticity, Price Elasticity, Company Fixed Effect, Time Fixed Effect, TFT LCD