QUESTION 7 Exhibit 3-16 Sapply and demand curves for chairs 20.00 Price Perdal 15.00 10.00 5.00 0 5 1 2 Quantity of chaine (thousands perd) in Exhibit 3-16, assume that the market price of chairs is SS cach. This price is: a. not an equilibrium price, since there is an excess demand at a price of SS. b. tiot un equilibrium price, since the rate at which chairs are being supplied is great than the rate at which they are being demanded. C not an equilibrium price, since there is an excess supply at a price of ss. d. an equilibrium price. 000