2. Economics
3. the following graph represents the market for petrol in sydney which...

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

###### Question details

The following graph represents the market for petrol in Sydney.

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