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