Refer to the figure below. At a price of $3, there will be:
A) an excess demand of 5 units.
B) an excess demand of 7 units.
C) an excess supply of 7 units.
D) an excess supply of 2 units.

Name: Refer to the figure below. At a price of $3, there will be: A) an excess demand of 5 units. B) an excess demand of 7 units. C) an excess supply of 7 units. D) an excess supply of 2 units.
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Question

Refer to the figure below. At a price of $3, there will be: 
A) an excess demand of 5 units. 
B) an excess demand of 7 units. 
C) an excess supply of 7 units. 
D) an excess supply of 2 units.

Quizplus · Accepted Answer

At a price of $3 buyers will want to buy 7 units and sellers will want to sell 2 units, a difference of 5 units.

Refer to the Figure Below