QUESTION 24 S $2.20 Excess supply or surplus $1.80 An above-equilibrium price P ($ per gallon) E $1.40 Equilibrium price $1.20 -_ _A below-equilibrium price $1.00 Excess demand D or shortage $0.60 300 400 500 600 700 800 900 Quantity of Gasoline (millions of gallons) Refer to the diagram above which of the following statements is false? O A. At the price of $1.80 quantity demanded is greater than quantity supplied O B. At the price of $1.20 quantity demanded is greater than quantity supplied O C. At equilibrium price quantity demanded is equal to 600 O D. Above the equilibrium price there is a surplus of the good in the market