Refer to Table 3.2. If the price per cheeseburger is $8, the price will

A) remain constant because the market is in equilibrium.
B) decrease because there is an excess demand in the market.
C) increase because there is an excess supply in the market.
D) decrease because there is an excess supply in the market.

Excess Supply

Excess supply, also known as surplus, occurs when the quantity of a good or service offered for sale exceeds the quantity demanded at the current price.

Market Equilibrium

The condition in which the quantity of a good supplied is equal to the quantity demanded, resulting in no economic pressure to change the price or quantity.