<span>The statement which explains the connection between the law of demand and excess demand is:
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The law states that when the price decreases, it leads to a greater demand and limited supply, which occur during excess demand.
Demand refers to the number of products the buyers need and Excess demand means when the prices decrease, the demand for the products increases but having a limited supply creates leads to a rise in the market price. Supply tells the ability of the manufacturers to make the products or services.
The third president was Thomas Jefferson.