Figure: Supply, Demand, and Equilibrium
(Figure: Supply, Demand, and Equilibrium) Look at the figure Supply, Demand, and Equilibrium.In the figure, there will be an excess demand of the good at a price of P₃.

Question

Quizplus · Accepted Answer

The figure shows that at a price of P₃, the quantity demanded and quantity supplied are equal, indicating that there is no excess demand or supply. Therefore, there will not be an excess demand of the good at a price of P₃.