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Question: the following graph represents the market for petrol in sydney which...

Question details

The following graph represents the market for petrol in Sydney.

Assessed2Graph1.png

Which of the following statements are true? (Select all responses that are correct)

a)  At a price of $5, there is neither excess demand nor excess supply

b) If the price is $7, one would expect long lines of consumers at petrol stations

c ) The equilibrium price is $3

d) At a price of $3, there is excess demand of 40 units

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