Refer to the accompanying figure. 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 accompanying figure. 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 accompanying figure. 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 Accompanying Figure