In the Widget Market, Currently 100 Widgets Are Being Sold

In the widget market, currently 100 widgets are being sold. At this quantity, consumers are willing to pay $3, and sellers are willing to accept $6. What must be true in the widget market?

A) There is currently a surplus of widgets, and the price must rise above $6.
B) There is currently a surplus of widgets, and the price must fall below $6.
C) There is currently a shortage of widgets, and the price must rise above $6.
D) The market is in equilibrium.

Correct Answer:

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