Consider the supply and demand curves illustrated below. Price P₁ 0 B. P2 P3 Q1 Q2 Quantity Which of the following statements is TRUE? a) At a price of P3, there is excess demand equal to the distance DE. b) At a price of P3, there is excess demand equal to the distance BE. c) At a price of P3, there is excess supply equal to the distance BE. d) At a price of P3, there is excess supply equal to the distance DE.

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