ethoxide ion serves as a base and abstract H+ from acetophenone forming
Ph-CO-CH2- , now this will attack on C2H5O-CO-OC2H5 to give Ph-CO-CH2-CO-OC2H5 (Beta keto ester)
rxn is similiar to aldol condensation ..
but if acetophenone and ethoxide ions are in excess then product will be
Ph-CO-CH2-CO-CH2-CO-Ph