3.3 Market Equilibrium: Bringing Demand and Supply Together
Figure 3.2
-Figure 3.2 illustrates the supply and demand for t-shirts. If the actual price of t-shirts is $7, there is an

Question

3.3 Market Equilibrium: Bringing Demand and Supply Together
  Figure 3.2
-Figure 3.2 illustrates the supply and demand for t-shirts. If the actual price of t-shirts is $7, there is an

Quizplus · Accepted Answer

If the actual price of t-shirts is $7 and there is excess demand, it means that the quantity demanded exceeds the quantity supplied by 8 t-shirts.