​ Exhibit 3-16 Supply and Demand Curves for Chairs

​ Exhibit 3-16 Supply and demand curves for chairs
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-In Exhibit 13-6, assume that the market price of chairs is $15 each. This price is: ​

A) ​ an equilibrium price.
B) ​ not an equilibrium price, since there is an excess demand at a price of $10.
C) ​an equilibrium price, since suppliers can store inventories in their warehouses.
D) ​not an equilibrium price, since the rate at which chairs are being supplied is greater than the rate at which they are being demanded.