Refer to Table 3.2. If the price per cheeseburger is $6, there is a(n)

A) market equilibrium.
B) excess demand of 1,000 units.
C) excess demand of 500 units.
D) excess supply of 700 units.

Market Equilibrium

The point where the supply of goods matches demand, resulting in a stable price.

Excess Demand

A market situation where the quantity demanded of a good exceeds the quantity supplied at a current price, leading to shortages.

Excess Supply

A situation in a market where the quantity of a good supplied is greater than the quantity demanded at the current price.